Exercise 5-8 (Algo) Record the adjusting entry for uncollectible accounts and calculate net accounts receivable (LO5-5) Physicians’ Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $53,000; Allowance for Uncollectible Accounts = $1,000 (credit). On December 31, 2024, Physicians’ estimates uncollectible accounts to be 20% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2. 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 reported in the balance sheet. Exercise 5-10 (Algo) Record the adjusting entry for uncollectible accounts using the aging method (LO5-5) Ascension Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $53,000; Allowance for Uncollectible Accounts = $1,300 (credit). Ascension estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Amount Receivable Estimated Percent Uncollectible Not yet due $33,000 20% 0 to 30 days past due 9,300 25% 31 to 90 days past due 6,300 40% More than 90 days past due 4,400 80% Total $53,000 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. Exercise 5-15 (Algo) Record notes receivable and interest revenue (LO5-7) On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,800. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field Exercise 5-16 (Algo) Record notes payable and interest expense (LO5-7) On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,200. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1. Required: For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field
Exercise 5-8 (Algo) Record the adjusting entry for uncollectible accounts and calculate net accounts receivable (LO5-5)
Physicians’ Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $53,000; Allowance for Uncollectible Accounts = $1,000 (credit). On December 31, 2024, Physicians’ estimates uncollectible accounts to be 20% of accounts receivable.
Required:
1. Record the adjusting entry for uncollectible accounts on December 31, 2024.
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
3. Calculate net accounts receivable reported in the balance sheet.
Exercise 5-10 (Algo) Record the adjusting entry for uncollectible accounts using the aging method (LO5-5)
Ascension Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $53,000; Allowance for Uncollectible Accounts = $1,300 (credit). Ascension estimates uncollectible accounts based on an aging of accounts receivable as shown below.
| Age Group | Amount Receivable | Estimated Percent Uncollectible |
|---|---|---|
| Not yet due | $33,000 | 20% |
| 0 to 30 days past due | 9,300 | 25% |
| 31 to 90 days past due | 6,300 | 40% |
| More than 90 days past due | 4,400 | 80% |
| Total | $53,000 |
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.
Exercise 5-15 (Algo) Record notes receivable and interest revenue (LO5-7)
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,800. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.
Required:
For Terrell & Associates, record the acceptance of the note receivable on March 1 and the cash collection on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field
Exercise 5-16 (Algo) Record notes payable and interest expense (LO5-7)
On March 1, Terrell & Associates provides legal services to Whole Grain Bakery regarding some recent food poisoning complaints. Legal services total $10,200. In payment for the services, Whole Grain Bakery signs a 8% note requiring the payment of the face amount and interest to Terrell & Associates on September 1.
Required:
For Whole Grain Bakery, record the issuance of the note payable on March 1 and the cash payment on September 1. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field
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