es The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances 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 Group Not yet due 0 to 60 days past due 61 to 120 days past due More than 120 days past due Total Amount Receivable Estimated Percent Uncollectible. $40,000 5% 24,000 15% 14,000 25% 12,000 80% $90,000 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 cheet
es The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances 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 Group Not yet due 0 to 60 days past due 61 to 120 days past due More than 120 days past due Total Amount Receivable Estimated Percent Uncollectible. $40,000 5% 24,000 15% 14,000 25% 12,000 80% $90,000 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 cheet
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:es
The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following
balances 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 Group
Not yet due
0 to 60 days past due
61 to 120 days past due
More than 120 days past due
Total
Amount
Receivable
Estimated Percent
Uncollectible.
$40,000
5%
24,000
15%
14,000
25%
12,000
80%
$90,000
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 cheet
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