Question

- Follow the instructions glven to complete each of the foltowing problems. Show ALL your work to reeeive eredit. The following events occur for Federer Corporation during 2018 and 2019, its first two years of operations: June 12, 2018 Sept. 17, 2018 Dec. 31, 2018 March 4, 2019 May 20, 2019 Provide services to eustomers on account for $42,000. Receive $32,000 from customers on account Estimate that 30% of ending AR at the end of the year will not be received. Receive $8.,000 from customerns for seuvic es provided in 2018 July 2, 2019 Oct. 19, 2019 Write off the remaining amounts owed from all services provided in 2018. Receive $50,000 from customers for services provided in 2019, Estimate that 30% of ending A/R at the end of the year wilt not be received. Dec. 31, 2019 Record the journal entries for each of the above transactions (omit descriptions) and post to the two T-a bel ow (ignore postings to any other T-accounts), including dates in your postings. ACCOUNTS DEBIT CR DATE June 12, 2018 Sept. 17, 2018 Dec. 31, 2018 Mar. 4, 2019 May 20, 2019 July 2, 2019 ct. 19, 2019 31, 2019 Allowance for Uncolle Accounts Receivable

Answer 1

EDERER CORPORATION Accounts receivable June 12, 18 Service revenue 42000 Sept.17,18 Cash 32000 10000 42000 June 12, 18 Accounts receivable 42000 Dec. 31, 18 Closing bal Service revenue 42000 42000 Jan. 1,18 Opening balance 10000 March 4, 19 Service revenue 56000 May 20,19 Cash Sept.17,18 Cash 32000 July 2, 19 Allowance for doubtful debts Oct. 19, 19 Cash Dec. 31, 18 Closing bal 8000 2000 50000 6000 Accounts receivable 32000 Dec. 31, 18 Bad debt exp Allowance for doubtful debts 3000 10000 * 30% arch 4, 19 Accounts receivable Allowance for doubtful debt Service revenue Dec. 31, 18 Closing bal 3000 Dec. 31, 18Bad debt exp 3000 May 20,19 Cash 8000 3000 3000 Accounts receivable 8000 Jan. 1, 18 Opening balance July 2, 19Accounts receivable 2000 Dec. 31, 18 Bad debt exp Dec. 31, 18 Closing bal July 2, 19 Allowance for doubtful debts Accounts receivable 2000 2800 2000 4800 Oct. 19,19 Cash Accounts receivable Dec. 31, 18 Bad debt exp Allowance for doubtful debts 6000 * 30%