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2 Record the scjusting entry for uncolectible accounts on December 31, 2021. Of no entry is requlred for a particule ransactionievent, select "No Journal Entry Required" in the first account field.) Vaw truchon lat Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Nate: Entar dabats bafare aedts General Journal Date Debit Credit December 31, 2021 Hecordetry Clurtry Vw l oul 3. Calculste net accounts receiveble Total Accounts Raceivabie

2 Record the scjusting entry for uncolectible accounts on December 31, 2021. Of no entry is requlred for a particule ransactionievent, select "No Journal Entry Required" in the first account field.) Vaw truchon lat Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Nate: Entar dabats bafare aedts General Journal Date Debit Credit December 31, 2021 Hecordetry Clurtry Vw l oul 3. Calculste net accounts receiveble Total Accounts Raceivabie

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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### Instructions for Recording Adjusting Entries for Uncollectible Accounts #### Step 2 - **Task**: Record the adjusting entry for uncollectible accounts on December 31, 2021. - **Note**: If no entry is needed for a particular transaction/event, select "No Journal Entry Required" in the first account field. #### Journal Entry Worksheet - **Navigation**: Use the arrows to navigate through different entries. - **Entry Field**: - **Description**: Record the adjusting entry for Uncollectible Accounts. - **Date**: December 31, 2021 - **Journal Fields**: - General Journal - Debit - Credit - **Buttons**: - **Record entry**: Saves the current entry. - **Clear entry**: Clears the current entry form. - **View general journal**: Displays all journal entries. #### Step 3 - **Calculation of Net Accounts Receivable**: - **Fields**: - Total Accounts Receivable: [Input field] - [Blank line for amounts] - Net Accounts Receivable: [Calculation result field] This educational guide helps students accurately record and calculate entries related to uncollectible accounts and net accounts receivable.
Transcribed Image Text:### Instructions for Recording Adjusting Entries for Uncollectible Accounts #### Step 2 - **Task**: Record the adjusting entry for uncollectible accounts on December 31, 2021. - **Note**: If no entry is needed for a particular transaction/event, select "No Journal Entry Required" in the first account field. #### Journal Entry Worksheet - **Navigation**: Use the arrows to navigate through different entries. - **Entry Field**: - **Description**: Record the adjusting entry for Uncollectible Accounts. - **Date**: December 31, 2021 - **Journal Fields**: - General Journal - Debit - Credit - **Buttons**: - **Record entry**: Saves the current entry. - **Clear entry**: Clears the current entry form. - **View general journal**: Displays all journal entries. #### Step 3 - **Calculation of Net Accounts Receivable**: - **Fields**: - Total Accounts Receivable: [Input field] - [Blank line for amounts] - Net Accounts Receivable: [Calculation result field] This educational guide helps students accurately record and calculate entries related to uncollectible accounts and net accounts receivable.
**Medillan Clinic Uncollectible Receivables Analysis** Medillan Clinic provides treatment and care for individuals with spinal cord injuries. As of December 31, 2021, before any adjustments, the clinic has the following balances: - Accounts Receivable: $96,000 - Allowance for Uncollectible Accounts: $2,600 (debit) The clinic employs an aging of accounts receivable method to estimate uncollectible accounts. The details are as follows: | Age Group | Amount Receivable | Estimated Percent Uncollectible | |----------------------------|------------------|---------------------------------| | Not yet due | $46,000 | 4% | | 0-60 days past due | $24,600 | 15% | | 61-120 days past due | $14,600 | 25% | | More than 120 days past due| $10,800 | 80% | | **Total** | $96,000 | | **Required:** 1. **Estimate the amount of uncollectible receivables.** **Estimation Table:** | Age Group | Estimated Amount Uncollectible | |----------------------------|-------------------------------| | Not yet due | | | 0-60 days past due | | | 61-120 days past due | | | More than 120 days past due| | | **Total** | $0 | **Instructions for Estimation:** To estimate the uncollectible receivables, multiply the amount receivable for each age group by its corresponding estimated percent uncollectible. Fill in the values in the estimation table to calculate the total estimated uncollectible amount.
Transcribed Image Text:**Medillan Clinic Uncollectible Receivables Analysis** Medillan Clinic provides treatment and care for individuals with spinal cord injuries. As of December 31, 2021, before any adjustments, the clinic has the following balances: - Accounts Receivable: $96,000 - Allowance for Uncollectible Accounts: $2,600 (debit) The clinic employs an aging of accounts receivable method to estimate uncollectible accounts. The details are as follows: | Age Group | Amount Receivable | Estimated Percent Uncollectible | |----------------------------|------------------|---------------------------------| | Not yet due | $46,000 | 4% | | 0-60 days past due | $24,600 | 15% | | 61-120 days past due | $14,600 | 25% | | More than 120 days past due| $10,800 | 80% | | **Total** | $96,000 | | **Required:** 1. **Estimate the amount of uncollectible receivables.** **Estimation Table:** | Age Group | Estimated Amount Uncollectible | |----------------------------|-------------------------------| | Not yet due | | | 0-60 days past due | | | 61-120 days past due | | | More than 120 days past due| | | **Total** | $0 | **Instructions for Estimation:** To estimate the uncollectible receivables, multiply the amount receivable for each age group by its corresponding estimated percent uncollectible. Fill in the values in the estimation table to calculate the total estimated uncollectible amount.
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