thank you so much! 2 Record the scjusting entry for uncollectible accounts on December 31, 2021. (f no entry is required for a particulartransaction/event, select "No Journal Entry Requlred" In the first account field.)Vww traachon latJournal entry worksheetRecord the adjusting entry for Uncollectible Accounts.Nete: Entar debats bafore aeits.General JournalCreditDateDebitDecember 31,2021Hecord entryCluar ntryVww gel jourmal3. Calculste net eccounts receivableTotal Accnunts ReceivabieNat Accounts Racaivable Medillan Clinic provides treatment and care for individuals with spinal cord injuries. On December 31, 2021 before any adjustment, theclinic has the following balances: Accounts Receivable = $96,000; Allowance for Uncollectible Accounts = $2.600 (debit. As shownbelow, the clinic uses an aging of accounts receivable to estimate uncollectible accounts.Estimated PercentAmount Receivable Uncollectible$ 46,00024,60014, 60010,800$ 96,000Age GroupNot yet due0-60 days past due61-120 days past due4%15%25%More than 120 days past due80%TotalRequired:1. Estimate the amount of uncollectible receivables.EstimatedAmountUncollectibleAge GroupNot yet due0-60 days past due61-120 days past dueMore than 120 days past dueTotal

Age Group Account Receivable Estimated Percentage Uncollectible Estimated Amount Uncollectible…

2 Record the scjusting entry for uncolectible accounts on December 31, 2021. Of no entry is requlred for a particule ransactionievent, select "No Journal Entry Required" in the first account field.) Vaw truchon lat Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Nate: Entar dabats bafare aedts General Journal Date Debit Credit December 31, 2021 Hecordetry Clurtry Vw l oul 3. Calculste net accounts receiveble Total Accounts Raceivabie

2 Record the scjusting entry for uncolectible accounts on December 31, 2021. Of no entry is requlred for a particule ransactionievent, select "No Journal Entry Required" in the first account field.) Vaw truchon lat Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Nate: Entar dabats bafare aedts General Journal Date Debit Credit December 31, 2021 Hecordetry Clurtry Vw l oul 3. Calculste net accounts receiveble Total Accounts Raceivabie

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which uses the allowance method, estimates bad debts at percent of total revenue on account. Required Journalize the following selected entries: 2012 Dec. 12Record services performed on account for E. E. Morton, 245. 31Record the adjusting entry for Bad Debts Expense. 31Record the closing entry for Bad Debts Expense. 2013 Feb. 18Write off the account of E. E. Morton as uncollectible, 245. Check Figure Adjusting entry amount, 1,366.03
Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
Rogan Companys total sales on account for the year amounted to 327,000. The company, which uses the allowance method, estimated bad debts at 1 percent of its credit sales. Required Journalize the following selected entries: 2017 Dec.31 Record the adjusting entry. 2018 Mar. 2Write off the account of A. M. Billson as uncollectible, 584. June 6Write off the account of W. H. Gilders as uncollectible, 492. Check Figure Adjusting entry amount, 3,270
Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y1: The following accounts were unintentionally omitted from the aging schedule: Wig Creations has a past history of uncollectible accounts by age category, as follows: Instructions 1. Determine the number of days past due for each of the preceding accounts. 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Wig Creations has a credit balance of 7,375 before adjustment on December 31, 20Y1. Journalize the adjustment for uncollectible accounts. 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?
Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $50,000 15% 0 –30 days past due 11,000 20% 31– 90 days past due 8,000 45% More than 90 days past due 1,000 85% Total $70,000 Required:1. Estimate the amount of uncollectible receivables.2. Record the adjustment for uncollectible accounts on December 31, 2021.3. Calculate 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. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $ 60,000 4% 0 – 60 days past due 26,000 20% 61–120 days past due 16,000 30% More than 120 days past due 8,000 85% Total $110,000 Required: 1. Estimate the amount of uncollectible receivables. 2. Record the adjustment for uncollectible accounts on December 31, 2021. 3. Calculate net accounts receivable.
Mercy Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Amount Receivable Estimated Percent Uncollectible Not yet due $50,000 15% 0 to 30 days past due 11,000 20% 31 to 90 days past due 8,000 45% More than 90 days past due 1,000 85% Total $70,000 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.
Physicians’ Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $60,000; Allowance for Uncollectible Accounts = $1,100 (credit). On December 31, 2021, Physicians’ estimates uncollectible accounts to be 15% of accounts receivable.Required:1. Record the adjustment for uncollectible accounts on December 31, 2021.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable.
Physicians’ Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $50,000; Allowance for Uncollectible Accounts = $1,000 (credit). On December 31, 2024, Physicians’ estimates uncollectible accounts to be 20% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2024.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable reported in the balance sheet.
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,413, Vaughn Manufacturing estimates that 11% of its accounts receivable balance of $93,300 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Vaughn Manufacturing determined that B. Jared’s account was uncollectible and wrote off $1,255. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credi
On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,521, Sheridan Company estimates that 9% of its accounts receivable balance of $105,300 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Sheridan Company determined that B. Jared’s account was uncollectible and wrote off $1,165. On June 12, 2022, Jared paid the amount previously written off.Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $130,000; Allowance for Uncollectible Accounts = $2,100 (debit). On December 31, 2021, Southwest estimates uncollectible accounts to be 20% of accounts receivable.Required:1. Record the adjustment for uncollectible accounts on December 31, 2021.2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet.3. Calculate net accounts receivable.