50.1K

Verified Solution

Link Copied!

During 2024, its first year of operations, Riley Construction provides services on account of $138,000, By the end of 2024. cash collections on these accounts total $99,000. Riley estimates that 20% of the uncollected accounts will be uncollectible. In 2025 , the company writes off uncollectible accounts of $7,020. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024. 2-a. Record the write-off of accounts recelvable in 2025. 2.b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). 3-a. Assume the same facts as above but assume actual write-offs in 2025 were $10,530. Record the write-off of accounts receivable in 2025. 3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Complete this question by entering your answers in the tabs below. Assume the same facts as above but assume actual write-offs in 2025 were $10,530. Record the write-off of accounts receivable in 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account fleid.) During 2024, its first year of operations, Riley Construction provides services on account of $138,000. By the end of 2024 , cash collections on these accounts total $99,000. Riley estimates that 20% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $7,020. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024. 2-a. Record the write-off of accounts receivable in 2025. 2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025) 3-a. Assume the same facts as above but assume actual write-offs in 2025 were $10,530. Record the write-off of accounts receivable in 2025 . 3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Complete this question by entering your answers in the tabs below. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). During 2024, its first year of operations, Riley Construction provides services on account of $138,000. By the end of 2024 , cash collections on these accounts total $99,000. Riley estimates that 20% of the uncollected accounts will be uncollectible. In 2025 , the company writes off uncollectible accounts of $7,020. Required: 1. Record the adjusting entry for uncollectible accounts on December 31,2024 2-0. Record the write-off of accounts receivable in 2025 2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). 3-a. Assume the same facts as above but assume actual write-offs in 2025 were $10,530. Record the write-off of accounts receivabie in 2025 . 3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Complete this question by entering your answers in the tabs below. Calculate the balance of Aliowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). During 2024, its first year of operations, Riley Construction provides services on account of $138,000, By the end of 2024. cash collections on these accounts total $99,000. Riley estimates that 20% of the uncollected accounts will be uncollectible. In 2025 , the company writes off uncollectible accounts of $7,020. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024. 2-a. Record the write-off of accounts recelvable in 2025. 2.b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). 3-a. Assume the same facts as above but assume actual write-offs in 2025 were $10,530. Record the write-off of accounts receivable in 2025. 3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Complete this question by entering your answers in the tabs below. Assume the same facts as above but assume actual write-offs in 2025 were $10,530. Record the write-off of accounts receivable in 2025. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account fleid.) During 2024, its first year of operations, Riley Construction provides services on account of $138,000. By the end of 2024 , cash collections on these accounts total $99,000. Riley estimates that 20% of the uncollected accounts will be uncollectible. In 2025, the company writes off uncollectible accounts of $7,020. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024. 2-a. Record the write-off of accounts receivable in 2025. 2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025) 3-a. Assume the same facts as above but assume actual write-offs in 2025 were $10,530. Record the write-off of accounts receivable in 2025 . 3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Complete this question by entering your answers in the tabs below. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). During 2024, its first year of operations, Riley Construction provides services on account of $138,000. By the end of 2024 , cash collections on these accounts total $99,000. Riley estimates that 20% of the uncollected accounts will be uncollectible. In 2025 , the company writes off uncollectible accounts of $7,020. Required: 1. Record the adjusting entry for uncollectible accounts on December 31,2024 2-0. Record the write-off of accounts receivable in 2025 2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). 3-a. Assume the same facts as above but assume actual write-offs in 2025 were $10,530. Record the write-off of accounts receivabie in 2025 . 3-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025). Complete this question by entering your answers in the tabs below. Calculate the balance of Aliowance for Uncollectible Accounts at the end of 2025 (before adjustment in 2025)

Answer & Explanation Solved by verified expert

See Answer