Problem: Goode and Devlin, a law firm, started 20X6 with accounts receivable of $30,000 and an allowance for uncollectible accounts of $4,400. The 20X6 service revenues on account totaled $154,000, and cash collections on account totaled $120,000. During 20X6, Goode and Devlin wrote off uncollectible accounts receivable of $3,600. At December 31, 20X6, the aging of accounts receivable indicated that Goode and Devlin will not collect $1,700 of its accounts receivable.
Journalize Goode and Devlin's
(a) Service revenue,
(b) Cash collections on account,
(c) Write-offs of uncollectible receivables, and
(d) Uncollectible-account expense for the year.
Explanations are not required. Prepare a T-account for Allowance for Uncollectible Accounts to show your computation of uncollectible-account expense for the year.
e) Show how the firm will report Accounts Receivable on its December 31 Balance Sheet.
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