1 esThe Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the followingbalances on December 31, 2024, before any adjustment: Accounts Receivable = $90,000; Allowance for Uncollectible Accounts$2,000 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below.Age GroupNot yet due0 to 60 days past due61 to 120 days past dueMore than 120 days past dueTotalAmountReceivableEstimated PercentUncollectible.$40,0005%24,00015%14,00025%12,00080%$90,000Required:1. Estimate the amount of uncollectible receivables.2. Record the adjusting entry for uncollectible accounts on December 31, 2024.3. Calculate net accounts receivable reported in the balance cheet

1. Amount of uncollectible receivables = $18,700 2. General JournalDebitCredit Bad Debts…

Answered: es The Physical Therapy Center…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 25E

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Mercy Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Amount Receivable Estimated Percent Uncollectible Not yet due $50,000 15% 0 to 30 days past due 11,000 20% 31 to 90 days past due 8,000 45% More than 90 days past due 1,000 85% Total $70,000 Required:1. Estimate the amount of uncollectible receivables.2. Record the adjusting entry for uncollectible accounts on December 31, 2024.3. Calculate net accounts receivable reported in the balance sheet.
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E4-26 At December 31, 2020, before any year-end adjustments, the Accounts Receivable balance of Sunset Hills Clinic is $235,000. Allowance for Uncollectible Accounts has a $6,500 credit balance. Sunset Hills prepares the following aging schedule for accounts receivable: Age of Accounts Total Balance 0-30 Days 31-60 Days 61-90 Days Over 90 Days $110,000 $60,000 $50,000 $15,000 $235,000 0.5% 1.0% 6.0% 40% Estimated uncollectible Requirements: 21Page
Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $130,000; Allowance for Uncollectible Accounts = $2,100 (debit). On December 31, 2021, Southwest estimates uncollectible accounts to be 20% of accounts receivable.Required:1. Record the adjustment for uncollectible accounts on December 31, 2021.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable.
1) Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet At September 30, 2018, the accounts of Roxbury Medical Center (RMC) include the following: Accounts Receivable $154,000 Allowance for Bad Debts (credit balance) 3,700 During the last quarter of 2018, RMC completed the following selected transactions: Sales on account, $465,000. Ignore Cost of Goods Sold. Collections on account, $441,800. Wrote off accounts receivable as uncollectible: Jenkins, Co., $1,900; Sony, $800; and Smith, Inc., $500 Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts 1–30 Days 31–60 Days 61–90 Days Over 90 Days Accounts Receivable $ 97,000 $ 37,000 $ 17,000 $ 14,000 Estimated percent uncollectible 0.2% 3.5% 29% 32% Page Break Requirements 1.Open T-accounts for Accounts Receivable…
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Ace Company uses the Aging of receivables method to account for uncollectible accounts. The company had the following balances on January 01, 2019. Part A Accounts receivable.. .$2,800,000 Allowance for uncollectible accounts... . .$88,800 (credit) The company completed the following transactions during 2019. • April 20- Wrote off the balance of $1,000 from Shari Wickham's account as uncollectible. • November 27 Re-instated the account of Louis Benn and recorded the collection of $1,500 as payment in full for her account which had been written off earlier. • December 31st- i. Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $124,500 of accounts receivable was estimated as uncollectible. ii. Made the closing entry for the uncollectible expense account. Requirements: 1. Prepare journal entries for each transaction (No narrations required) 2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the…
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The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 credit. After conducting an aging analysis, management has determined that $4,700 of accounts receivable will be uncollectible. What was the Uncollectible Accounts Expense for the year? $8,200 $3,500 $4,700 $1,200
How much cash did the Hospital collect on Accounts Receivable in 20X1? $15800 $16000 $13000 $12800

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