P9-28A Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet Learning Objective 3 2. Allowance CR Bal. $7,539 at Dec. 31, 2016 At September 30, 2016, the accounts of Park Terrace Medical Center (PTMC) include the following: Accounts Receivable $ 143,000 Allowance for Bad Debts (credit balance) 3,300 During the last quarter of 2016, PTMC completed the following selected transactions: Dec. 28 Wrote off accounts receivable as uncollectible: Silver, Co., $1,200; Oscar Wells, $1,000; and Rain Company $600 Recorded bad debts expense based on the aging of accounts receivable, 31 as follows: Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days Accounts Receivable $ 103,000 $ 41,000 $ 13,000 $ 6,000 Estimated percent uncollectible 0.3% 3% 30% 35% Requirements 1. Journalize the transactions. 2. Open the Allowance for Bad Debts T-account, and post entries affecting that account. Keep a running balance. 3. Show how Park Terrace Medical Center should report net accounts receivable on its December 31, 2016, balance sheet.

P9-28A Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet Learning Objective 3 2. Allowance CR Bal. $7,539 at Dec. 31, 2016 At September 30, 2016, the accounts of Park Terrace Medical Center (PTMC) include the following: Accounts Receivable $ 143,000 Allowance for Bad Debts (credit balance) 3,300 During the last quarter of 2016, PTMC completed the following selected transactions: Dec. 28 Wrote off accounts receivable as uncollectible: Silver, Co., $1,200; Oscar Wells, $1,000; and Rain Company $600 Recorded bad debts expense based on the aging of accounts receivable, 31 as follows: Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days Accounts Receivable $ 103,000 $ 41,000 $ 13,000 $ 6,000 Estimated percent uncollectible 0.3% 3% 30% 35% Requirements 1. Journalize the transactions. 2. Open the Allowance for Bad Debts T-account, and post entries affecting that account. Keep a running balance. 3. Show how Park Terrace Medical Center should report net accounts receivable on its December 31, 2016, balance sheet.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Accounts Receivable $67,000 Allowance for Doubtful Accounts 1,300 (credit) During 2016, sales on credit amounted to $582,000, $552,800 was collected on outstanding receivables and $2,600 of receivables were written off as uncollectible. On December 31, 2016, Shelton estimates its bad debts to be 4% of the outstanding gross accounts receivable balance. Required: 1. Prepare the journal entry necessary to record Shelton’s estimate of bad debt expense for 2016. 2. Prepare the Accounts Receivable section of Shelton’s December 31, 2016, balance sheet. 3. Compute Shelton’s receivables turnover. (Round to one decimal place.) 4. If Sheldon uses IFRS, what might be the heading for the accounts receivable section in Requirement 2?
Answer all subparts A B C
Subject:
Journal entry worksheet
i need the answer quickly
bled: Assignment 1 i Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500 and sales of $1,115,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $10,035 $8,990 $11,080
plz help thank you
Help EBccl Frinciple: cf 2.1 Deacrise the Inccr Quiz Interim Exam #1 Teet - https://anu.instructure.com/courses/9045/quizzes/42651/take 110% vas Conner Pride reports year-end credit sales in the amount of $567,000 and accounts receivable of $134,000. Conner uses the balance sheet method to report bad debt estimation. The estimation percentage is 4.6%. What is the estimated balance uncollectible using the balance sheet method? O $26,082 O $6,164 $260,820 O $61,640
Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.
Please help me
Cornerstone Exercise 5-28 Aging Method On December 31, 2021, Khalid Inc. has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable Allowance for Doubtful Accounts (a credit balance) During 2022, Khalid had $18,500,000 of credit sales, collected $17.945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year-end. Khalid performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Khalid's preadjustment balance in accounts receivable on December 31, 2022. $1,280,000 44,000 2. Calculate Khalid's preadjustment balance in allowance for doubtful accounts on December 31, 2022. 3. Prepare the necessary adjusting entry for 2022. Dec. 31 (Record adjusting entry for bad debt expense estimate)
Subject : Accounting