The following events occur for The Underwood Corporation during 2012 and 2013, its first two years of operations.
June 12, 2012 Provide services to customers on account for $36,400.
September 17, 2012 Receive $12,000 from customers on account.
December 31, 2012 Estimate that 40% of accounts receivable at the end of the year will not be received.
March 4, 2013 Provide services to customers on account for $59,000.
May 20, 2013 Receive $19,200 from customers for services provided in 2012.
July 2, 2013 Write off the remaining amounts owed from services provided in 2012.
October 19, 2013 Receive $16,300 from customers for services provided on account in 2013.
December 31, 2013 Estimate that 45% of accounts receivable at the end of the year will not be received.
Required:
1. Record transactions for each date. (Omit the \"$\" sign in your response.)
2. Post transactions to the following accounts: Cash, accounts receivable, and allowance for uncollectible accounts.
3. Calculate the net realizable value of accounts receivable at the end of 2012 and 2013.
