2. Record the December 31, 2021, adjusting entry, assuming the balance of Allowance for Uncollectible Accounts before adjustment is$4,800 (credit). (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first accountfield.)View transaction listJournal entry worksheet1>Record the adjusting entry for Uncollectible Accounts.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31, 2021 Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on accountof $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31,2021, is provided below.ITEstimatedAmountPercentReceivableUncollectibleAge GroupNot yet due0-90 days past due91–180 days past dueMore than 180 days past due$38,00015,80010,80013,4003%15%20%85%Total$78,000

Age Amount receivable Estimated percent uncollectible Estimated amount uncollectible Not yet due…

Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Age Group Not yet due 0-90 days past due 91–180 days past due More than 180 days past due Receivable Uncollectible $38,000 15,800 10,800 13,400 $78,000 3% 15% 20% 85% Total

Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Age Group Not yet due 0-90 days past due 91–180 days past due More than 180 days past due Receivable Uncollectible $38,000 15,800 10,800 13,400 $78,000 3% 15% 20% 85% Total

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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On September 15, 2024, Oliver's Mortuary received a $6,000 note from the estate of Jay Hendrix in exchange for services rendered. Terms of the note call for the payment of principal, and interest at 10% in nine months. Oliver's has a December 31 year-end. What adjusting entry will the company record on December 31, 2024? Multiple Choice Account Title Interest receivable Interest revenue Account Title Interest receivable Interest revenue Cash Debit Credit 230 Debit 600 230 Credit 175 425
The following are the trial balance and the other information related to Bruce Marigold, who operates a construction hauling business.MARIGOLDTRIAL BALANCEDECEMBER 31, 2020 DebitCreditCash$39,000Accounts Receivable48, 400Allowance for Doubtful Accounts$3,400 Supplies3, 040Prepaid Insurance1, 200Equipment30, 000Accumulated Depreciation Equipment5, 750Notes Payable 7, 200Owners Capital45, 640Service Revenue 97,790 Rent Expense 7, 800Salaries and Wages Expense28, 400Utilities Expenses1, 040Office Expense900 $159, 780$159, 7801. Fees received in advance from clients $5, 100, which were recorded as revenue.2. Services performed for clients that were not recorded by December 31, $5,000.3. Equipment is being depreciated at 8% per year.4. Bad debt expense for the year is $1,470.5. Insurance expired during the year $520.6. Marigold gave the bank a 90-
Classified Electronics has an unfunded retiree health care plan. Each of the company's three employees has been with the firm since its inception at the beginning of 2020. As of the end of 2021, the actuary estimates the total net cost of providing health care benefits to employees during their retirement years to have a present value of $66,000. Each of the employees will become full eligible for benefits after 20 more years of service but aren't expected to retire for 35 more years. The interest rate is 4%. Required: 1. What is the expected postretirement benefit obligation at the end of 2021? 2. what is the accumulated postretirement benefit obligation at the end of 2021? 3. what is the expected postretirement benefit obligation at the end of 2022? 4. What is the accumulated postretirement benefit obligation at the end of 2022? 1. Expected postretirement benefit obligation 2021 _______ 2. Accumulated postretirement benefit obligation 2021 _______ 3. Expected…
Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $410,000 on account. Of this amount, $60,000 remains uncollected at the end of the year. An aging schedule as ofDecember 31, 2021, is provided below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $40,000 3% 0–30 days past due 11,000 4% 31–60 days past due 8,000 11% More than 60 days past due 1,000 25% Total $60,000 Required:1. Calculate the allowance for uncollectible accounts.2. Record the December 31, 2021, adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $400 (debit).3. On April 3, 2022, a customer’s account balance of $500 is written off as uncollectible. Record the write-off.4. On July 17, 2022, the customer whose account was written off in requirement 3 unexpectedly pays $100 of the amount but does not expect to pay any additional…
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Classified Electronics has an unfunded retiree health care plan. Each of the company’s three employees has been with the firm since its inception at the beginning of 2020. As of the end of 2021, the actuary estimates the total net cost of providing health care benefits to employees during their retirement years to have a present value of $69,000. Each of the employees will become fully eligible for benefits after 21 more years of service but aren’t expected to retire for 35 more years. The interest rate is 5%. Required:1. What is the expected postretirement benefit obligation at the end of 2021?2. What is the accumulated postretirement benefit obligation at the end of 2021?3. What is the expected postretirement benefit obligation at the end of 2022?4. What is the accumulated postretirement benefit obligation at the end of 2022?
The following data are available pertaining to Household Appliance Company's retiree health care plan for 2021: Number of employees covered 2 Years employed as of January 1, 2021 3 [each] Attribution period 20 years Expected postretirement benefit obligation, Jan. 1 $ 60,000 Expected postretirement benefit obligation, Dec. 31 $ 63,000 Interest rate 5 % Funding none Required:1. What is the accumulated postretirement benefit obligation at the beginning of 2021?2. What is interest cost to be included in 2021 postretirement benefit expense?3. What is service cost to be included in 2021 postretirement benefit expense?4. Prepare the journal entry to record the postretirement benefit expense for 2021.
Oberon Company provides postretirement health care benefits to employees who provide at least 10 years of service and reach the age of 65 while in service. On January 1 of the current year, the following plan-related data were available. Net loss–postretirement benefit plan $ 10,760,000 APBO balance $ 104,800,000 Fair value of plan assets none Average remaining service period to retirement 20 years Average remaining service period to full eligibility 15 years On January 1 of the current year, Oberon amended the plan to provide dental benefits. The actuary determines that the cost of making the amendment increases the APBO by $11,250,000. Management chooses to amortize this amount on a straight-line basis. The service cost is $68,000,000. The appropriate interest rate is 10%. Required:Calculate the postretirement benefit expense for the current year.