At September 30, 2018, the accounts of NorthTerraceMedicalCenter (NTMC) include thefollowing: Accounts Receivable $ 141,000 Allowance for Bad Debts (credit balance) 3,600 During the last
At September 30, 2018, the accounts of NorthTerraceMedicalCenter (NTMC) include thefollowing:
Accounts Receivable
$
141,000
Allowance for Bad Debts (credit balance)
3,600
During the last quarterof2018, NTMC completed the following selectedtransactions:
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(Click the icon to view thetransactions.)
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.
Requirement 1. OpenT-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions(omit explanations) and post to the two accounts.
Begin by journalizing the transactions. (Record debitsfirst, then credits. Exclude explanations from journalentries.)
Test: Exam 4 - Chapters 7 and 8 This Question: 14 pts 12 of 21 (18 complete) At September 30, 2018, the accounts of North Terrace Medical Center (NTMC) include the following During the last quarter of 2018, NTM Accounts Receivable $ 141,000 i (Click the icon to view the transact Allowance for Bad Debts (credit balance) 3,600 Read the requirements Requirement 1. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. Begin by journalizing the transactions. (Record debits first, then credits. Exclude explanations from journal entries Sales on account, $460,000. Ignore Cost of Goods Sold. i More Info X Date Accounts and Explanation Debit Credit 2018 Dec. 31 . Sales on account, $460,000. Ignore Cost of Goods Sold. . Collections on account, $374, 100 Wrote off accounts receivable as uncollectible: Rouge Co., $1,100; Oscar Weiss, $1,300; and Paradise, Inc., $800. Recorded bad debts expense based on the aging of accounts receivable, as follows: Collections on account, $374,100 Age of Accounts Date Accounts and Explanation Debi Credit 1-30 Days 31-60 Days 6 61-90 Days Over 90 Days 2018 Accounts Receivable $ 97,000 $ 37,000 $ 18,000 $ 71,700 Dec. 31 Estimated percent uncollectible 0.3% 3% 30% 35% Print Done Wrote off accounts receivable as uncollectible: Rouge Co., $1,100; Oscar Weiss, $1,300; and Paradise, Inc., $800. Date Accounts and Explanation Debit Credit 2018 Dec. 31 Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search OTest: Exam 4 - Chapters 7 and 8 This Question: 14 pts 12 of 21 (18 complete) At September 30, 2018, the accounts of North Terrace Medical Center (NTMC) include the following During the last quarter of 2018, NTMC completed the fo Accounts Receivable $ 141.000 i (Click the icon to view the transactions.) Allowance for Bad Debts (credit balance) 3,600 Read the requirements. Recorded bad debts expense based on the aging of accounts receivable Date Accounts and Explanation Debit Credit i More Info 2018 Dec. 31 - Sales on account, $460,000. Ignore Cost of Goods Sold. Collections on account, $374,100 . Wrote off accounts receivable as uncollectible: Rouge Co., $1, 100; Oscar Weiss, $1,300, and Paradise, Inc., $800. Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Post the transactions to the two accounts Recorded bad debts expense based on the aging of accounts receivable, as follows: Accounts Receivable Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days Accounts Receivable $ 97,000 $ 37,000 $ 18,000 $ 71,700 Estimated percent uncollectible 0.3% 3% 30% 35% Allowance for Bad Debts Print Done Requirement 2. Show how North Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. Balance Sheet (Partial): Current Assets: Choose from any list or enter any number in the input fields and then continue to the next question. Type here to search Oi More Info X " Sales on account, $460.000. Ignore Cost of Goods Sold . Collections on account, $374, 100 * Wrote off accounts receivable as uncollectible: Rouge Co., $1,100; Oscar Weiss, $1,300, and Paradise, Inc., $800 - Recorded bad debts expense based on the aging of accounts receivable, as follows Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days Accounts Receivable 97,000 $ 37,000 $ 18,000 $ 71,700 Estimated percent uncollectible 0.3% 3% 30% 35% Print Done ember 31, 2018, balance sheet
