Requlred Information[The following information applies to the questions displayed below.]Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below.Estimated PercentUncollectibleAmountAge GroupNot yet due8-90 days past due91-180 days past dueMore than 1se days past dueReceivable$38,00e15,8e010, Bee15%20%13,400$78,08085%TotalRequlred:1. Calculate the allowance for uncollectible accounts.EstimatedAmountUncollectibleAge GroupNot yet due0-90 days past due91-180 days past dueMore than 180 days past dueTotal

The allowance for doubtful accounts is created to record the estimated bad debt expenses.

Required Information [The following information applies to the questions displayed below.] Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Peari 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. Amount Receivable Estinated Percent Uncollectible Age Group Not yet due e-90 days past due 91-18e days past due More than 1se days past due $38,000 15, 800 10, Bee 13,400 $78,000 15% 20% 85% Total Requlred: 1. Calculate the allowance for uncollectible accounts. Estimated Amount Uncollectible Age Group Not yet due 0-90 days past due 91-180 days past due More than 180 days past due Total

Required Information [The following information applies to the questions displayed below.] Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Peari 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. Amount Receivable Estinated Percent Uncollectible Age Group Not yet due e-90 days past due 91-18e days past due More than 1se days past due $38,000 15, 800 10, Bee 13,400 $78,000 15% 20% 85% Total Requlred: 1. Calculate the allowance for uncollectible accounts. Estimated Amount Uncollectible Age Group Not yet due 0-90 days past due 91-180 days past due More than 180 days past due 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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! Requlred Informatlon [The following information applies to the questions displayed below.] 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. Amount Estimated Percent Age Group Not yet due e-9e days past due 91-180 days past due More than 18e days past due Receivable Uncollectible $38, 000 15, Bee 18, 8e0 13,400 $78,00e 3% 15% 20% 85% Total 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 requlred for a particular transaction/event, select "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit…
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $578,000. Of this amount, $68,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. Age Group AmountReceivable Estimated Percent Uncollectible Not yet due $ 28,000 5 % 0-90 days past due 14,800 10 % 91–180 days past due 9,800 30 % More than 180 days past due 15,400 80 % Total $ 68,000 3. On July 19, 2022, a customer’s account balance of $6,800 is written off as uncollectible. Record the write-off. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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. IT Estimated Amount Percent Receivable Uncollectible Age Group Not yet due 0-90 days past due 91–180 days past due More than 180 days past due $38,000 15,800 10,800 13,400 3% 15% 20% 85% Total $78,000
! Requlred Informatlon [The following information applies to the questions displayed below.) 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. Amount Estinated Percent Age Group Not yet due e-90 days past due 91-180 days past due More than 180 days past due Total Receivable Uncollectible $38,000 3% 15,8e0 18, 800 13,400 15% 20% 85% $78,000 3. On July 19, 2022, a customer's account balance of $7.800 is written off as uncollectible. Record the write-off. (If no entry Is requlred for a particular transaction/event, "No Journal Entry Requlred" In the first account fleld.) View transaction list Journal entry worksheet 1 Record write off of actual bad debts. Note: Enter debits before credits. Date General Journal Debit Credit July 19, 2022
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…
Lender 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 we’re available. APBO balance 157 million FV plan assets 0 Average remaining service period to retirement 25 years Average remaining service period to full eligibility 20 years On jan1 of the current year, Lender amends the plan to provide dental benefits. The actuary determines that the cost of making the amendment increases the APBO by 27 million. Management chooses to amortize this amount on a straight line basis. The service cost is 47 million. The interest rate =10% Calculate the postretirement expense for the current year Average
At December 31, 2020, Mallory, Inc. reported in its balance sheet a net loss of $12 million related to its postretirement benefit plan. The actuary for Mallory at the end of 2021 increased her estimate of future health care costs. Mallory's entry to record the effect of this change will include: Multiple Choice A debit to APBO and a credit to Loss-OCI. A debit to Postretirement benefit expense and a credit to APBO. A debit to Loss-OCl and a credit to APBO. A debit to Postretirement benefit expense and a credit to Loss-OCI. 15 of 39 Next > Sy Prev Question no...pages 5...pdf Question no....pages MacBook Air ...
Prepare the journal entries for the following transactions, provided the chart accounts below: DATE:APRIL 2022TransactionsApril 01 -Completion of a denture worth 6,000 April 02 - Received 7,000 in total from appointed patients for the whole dayApril 03 -received 7,000 in total from appointed patients for the whole dayApril 04 -received 2,500 in total from appointed patientsApril 05- paid 36,000 for car loan for business/personal useApril 06- received 1,500 from one patient that dayApril 07 -received 3,000 from appointed patients that dayApril 08- purchased dental supplies, 4,500April 09- received 4,000 from appointed patients April 10-received 3,000 in total from appointed patients April 11-received 1,500 from one patient that dayApril 12-paid 10,000 for dental laboratory feeApril 13-received 20,000 from a prosthodontic caseApril 15-paid 13,000 for a lot for future investment/businessApril 15 -paid 7,500 for dental assistantApril 16-received 2500 in total from appointed patientsApril…
The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets Multiple Choice O O What is the service cost to be included in the current year's postretirement benefit expense? (Round your answer to the nearest whole dollar.) $3,200. $3,456. $3,900. 5 4 (each) 20years $3,306. $ 64,000 $69,120 8% None
The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets Multiple Choice General Journal Postretirement benefit expense APBO What is the correct entry to record postretirement benefit expense for the current year? Note: Do not round intermediate calculations and round your answers to the nearest whole dollar. General Journal Postretirement benefit expense APBO General Journal Postretirement benefit expense APBO General Journal Postretirement benefit expense 5 4 (each) years 20 Cash $ 56,000 $ 61,040 9% None Debit Credit 3,060 3,060 Debit Credit 4,100 4,100 Debit Credit 4,060 4,060 Debit Credit 4,060 4,060
The following data are for Guava Company's retiree health care plan for the current calendar year. Number of employees covered Years employed as of January 1 Attribution period EPBO, January 1 EPBO, December 31 Interest rate Funding and plan assets None What is the service cost to be included in the current year's postretirement benefit expense? O $3,200. $4,000. 5 4(each) 20years O $3,180. O $3,000. $ 60,000 $ 63,600 6%
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 2 (each) Attribution period 25 years Expected postretirement benefit obligation, Jan. 1 $67,000 Expected postretirement benefit obligation, Dec. 31 $70,350 Interest rate 5% Funding none Required: 1-3 What is the accumulated postretirement benefit obligation at the beginning of 2021? what is…