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Student Name:
Class:
Date Account Debit Credit
41,000
41,000 <--Correct!
25,000
25,000 <--Correct!
Service Revenue
Accounts Receivable
Accounts Receivable
Cash
(Provide services on account)
Problem 05-03
McGraw-Hill
Instructor
September 17, 2018
June 12, 2018
2018 and 2019 Transactions
THE UNDERWOOD CORPORATION
Requirement 1:
Student Name:
Class:
Problem 05-03
McGraw-Hill
Instructor
Requirement 2:
25,000 41,000 25,000 7,200
2018 2019
Correct! Correct!
Requirement 3:
Uncollectible Accts.
Allowance for
Accounts Receivable
Cash
T-Accounts
THE UNDERWOOD CORPORATION
41,000$
25,000$
Given Data P05-03:
Receive cash from customers on account
Provide service to customers on account
Transactions for 2018 and 2019:
THE UNDERWOOD CORPORATION
September 17, 2018
June 12, 2018
Student Name:
Class:
Estimated Estimated
Amount Percent Amount
Receivable Uncollectible Uncollectible
40,000$ 4% 1,600$
16,000 20% 3,200
Date Account Debit Credit
12,950
12,950 <--Correct!
Requirement 2:
Age Group
0 - 90 days past due
Not yet due
Allowance for Uncollectible Accounts
Bad Debt Expense
Instructor
Transaction Entries
December 31, 2018
December 31, 2018
Aging Schedule
PEARL E. WHITE ORTHODONTIST
PEARL E. WHITE ORTHODONTIST
(Estimate future bad debts)
Problem 05-04
McGraw-Hill
Requirement 1:
Requirement 3:
Estimated
Amount Percent
Receivable Uncollectible
40,000$ 4%
16,000 20%
590,000$
80,000$
Services provided during 2018
Additional Information:
Amount of 2018 services unpaid at end of year
(see above aging schedule)
Age Group
Not yet due
0 - 90 days past due
December 31, 2018
Aging Schedule
PEARL E. WHITE ORTHODONTIST
Given Data P05-04:
Student Name:
Class:
Debit Credit
90,000
90,000 <--Correct!
750
750 <--Correct!
Service Revenue
(Adjust interest receivable)
Interest Revenue
Interest Receivable (2019)
(Provide services in exchange for a note)
Requirement 1:
Date
Problem 05-08
December 31, 2019
Account
McGraw-Hill
Instructor
December 31, 2018
Transactions
LIANG CHEMICAL
Notes Receivable
LIANG CHEMICAL
Given Data P05-08:
December 31, 2018 transactions:
