St. Joseph Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $60.000; Allowance for Uncollectible Accounts = $1,500 (credit. St. Joseph estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due e to 30 days past due 31 to 90 days past due More than 90 days past due Total Amount Receivable $40,000 10,000 7,000 3,000 $60,000 Required: 1. Estimate the amount of uncollectible receivables. Estimated Percent tecollectible) 20% 25% 50% sex 2. Record the adjusting entry for uncollectible accounts on December 31, 2024. 3. Calculate net accounts receivable reported in the balance sheet

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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St. Joseph Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $60,000;
Allowance for Uncollectible Accounts = $1,500 (credit. St. Joseph estimates uncollectible accounts based on an aging of accounts
receivable as shown below.
Age Group
Not yet due
e to 30 days past due
31 to 90 days past due
More than 90 days past due
Total
Amount Receivable
$40,000
10,000
7,000
3,000
$60,000
Required:
1. Estimate the amount of uncollectible receivables.
Estimated Percent
Decollectible)
20%
25%
50%
sex
2. Record the adjusting entry for uncollectible accounts on December 31, 2024.
3. Calculate net accounts receivable reported in the balance sheet
Transcribed Image Text:= St. Joseph Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $60,000; Allowance for Uncollectible Accounts = $1,500 (credit. St. Joseph estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due e to 30 days past due 31 to 90 days past due More than 90 days past due Total Amount Receivable $40,000 10,000 7,000 3,000 $60,000 Required: 1. Estimate the amount of uncollectible receivables. Estimated Percent Decollectible) 20% 25% 50% sex 2. Record the adjusting entry for uncollectible accounts on December 31, 2024. 3. Calculate net accounts receivable reported in the balance sheet
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