The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center...
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The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $110,000; Allowance for Uncollectible Accounts = $4,000 (debit. The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Estimated Amount Receivable $ 60,000 26,000 16,000 Percent Uncollectible 48 201 Age Group Not yet due 0-60 days past due 61-120 days past due More than 120 days past due 30 858 8,000 $ 110,000 Total Required: 1. Estimate the amount of uncollectible receivables. Estimated Amount Uncollectible Age Group Not yet due 0-60 days past due 61-120 days past due More than 120 days past due Total Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 3. Calculate net accounts receivable. Total Accounts Receivable Net Accounts Receivable The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $110,000; Allowance for Uncollectible Accounts = $4,000 (debit. The center estimates uncollectible accounts based on an aging of accounts receivable as shown below. Estimated Amount Receivable $ 60,000 26,000 16,000 Percent Uncollectible 48 201 Age Group Not yet due 0-60 days past due 61-120 days past due More than 120 days past due 30 858 8,000 $ 110,000 Total Required: 1. Estimate the amount of uncollectible receivables. Estimated Amount Uncollectible Age Group Not yet due 0-60 days past due 61-120 days past due More than 120 days past due Total Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 3. Calculate net accounts receivable. Total Accounts Receivable Net Accounts Receivable
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Related Book For
Financial Accounting
ISBN: 978-0077862268
2nd edition
Authors: J. David Spiceland, Wayne Thomas, Don Herrmann
Posted Date:
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