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At September 30, 2018, the accounts of West Terrace Medical Center (WTMC) include the following: During the last quarter of 2018, WTMC completed the following
At September 30, 2018, the accounts of West Terrace Medical Center (WTMC) include the following: During the last quarter of 2018, WTMC completed the following selected transactions: (Click the icon to view the transactions.) Accounts Receivable $ 145,000 Allowance for Bad Debts (credit balance) 3,300 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, A Requirements Begin by journalizing the transactions. (Record debits first, then credits. Exclude explanations from journal entries.) Sales on account, $500,000. Ignore Cost of Goods Sold. 1. Date Accounts and Explanation Debit Credit 2018 Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts Show how West Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. 3. Dec. 31 More Info Print Done Sales on account, $500,000. Ignore Cost of Goods Sold. Collections on account, $374,100 Wrote off accounts receivable as uncollectible: Scarlett Co., $1,100; Omar Smith, $1,200, and Paradise, Inc., $500. Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts Accounts Receivable Estimated percent uncollectible 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 103,000 $ 43,000 $ 16,000 $ 106,100 0.3% 3% 30% 35% Choose from any list or enter any number in the input fields and then click Check
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