Dec. 28 31 Wrote off accounts receivable as uncollectible: Regan, Co., $1,300; Owen Mac, $900; and...
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Dec. 28 31 Wrote off accounts receivable as uncollectible: Regan, Co., $1,300; Owen Mac, $900; and Rain, Inc., $700 Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $165,000 $97,000 $37,000 $14,000 $17,000 0.3% 3% 30% 35% Estimated percent Uncollectible 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 Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2014, balance sheet. Dec. 28 31 Wrote off accounts receivable as uncollectible: Regan, Co., $1,300; Owen Mac, $900; and Rain, Inc., $700 Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $165,000 $97,000 $37,000 $14,000 $17,000 0.3% 3% 30% 35% Estimated percent Uncollectible 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 Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2014, balance sheet.
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Journal Entries Dec 28 Debit Bad Debts Expense 2900 Credit Accounts Receivable 1300 Cre... View the full answer
Related Book For
International Marketing And Export Management
ISBN: 9781292016924
8th Edition
Authors: Gerald Albaum , Alexander Josiassen , Edwin Duerr
Posted Date:
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