Question

Physicians' Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $48,000; Allowance for Uncollectible Accounts = $1,000 (credit). On December 31, 2021, Physicians' estimates uncollectible accounts to be 20% of accounts receivable.

Required:

1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
  

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.
  

Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $69,000; Allowance for Uncollectible Accounts = $1,500 (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		$	49,000					20	%
0–30 days past due			10,900					25	%
31–90 days past due			7,900					50	%
More than 90 days past due			1,200					90	%
Total		$	69,000

Required:

1. Estimate the amount of uncollectible receivables.

2. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $69,000; Allowance for Uncollectible Accounts = $1,500 (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		$	49,000					20	%
0–30 days past due			10,900					25	%
31–90 days past due			7,900					50	%
More than 90 days past due			1,200					90	%
Total		$	69,000

Required:

1. Estimate the amount of uncollectible receivables.

2. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $69,000; Allowance for Uncollectible Accounts = $1,500 (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		$	49,000					20	%
0–30 days past due			10,900					25	%
31–90 days past due			7,900					50	%
More than 90 days past due			1,200					90	%
Total		$	69,000

Required:

1. Estimate the amount of uncollectible receivables.

2. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

or Uncollectible Accounts = $1,500 (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		$	49,000					20	%
0–30 days past due			10,900					25	%
31–90 days past due			7,900					50	%
More than 90 days past due			1,200					90	%
Total		$	69,000

Required:

1. Estimate the amount of uncollectible receivables.

2. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

or Uncollectible Accounts = $1,500 (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		$	49,000					20	%
0–30 days past due			10,900					25	%
31–90 days past due			7,900					50	%
More than 90 days past due			1,200					90	%
Total		$	69,000

Required:

1. Estimate the amount of uncollectible receivables.

2. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

Answer 1