The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $105,000; Allowance for Uncollectible Accounts = $3,500 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0 to 60 days past due 61 to 120 days past due More than 120 days past due Total Amount Receivable Estimated Percent Uncollectible $55,000 3% 25,500 15% 15,500 25% 9,000 80% $105,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3
The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $105,000; Allowance for Uncollectible Accounts = $3,500 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 0 to 60 days past due 61 to 120 days past due More than 120 days past due Total Amount Receivable Estimated Percent Uncollectible $55,000 3% 25,500 15% 15,500 25% 9,000 80% $105,000 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter9: Receivables
Section: Chapter Questions
Problem 10E: Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries...
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