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Ascension Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $53, Allowance for Uncollectible Accounts = $1,300 (credit). Ascension
Ascension Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $53, Allowance for Uncollectible Accounts = $1,300 (credit). Ascension estimates uncollectible accounts based on an aging of ac receivable as shown below. Age Group Not yet due 0 to 30 days past due 31 to 90 days past due More than 90 days past due Total Amount Receivable $33,000 9,300 6,300 4,400 $53,000 Estimated Percent Uncollectible 20% 25% 40% 80% 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.
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