During the last quarter of 2016, NTMC completed the following selected transactions: (Click the icon to view the transactions.) Read the requirements * More Info Dec. 28 Wrote off accounts receivable as uncollectible: Sapphire Co., $1,800; Owen Wilson, $700; and Patterson, Inc., $300. 31 Recorded bad debts expense based on the aging of accounts receivable, as follows: Age ohccounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 99,000 $ 44,000 $ 18,000 $ 1,000 0.3% 3% 30% 35% Accounts Receivable Estimated percent uncollectible Print Print Done 0 Requirements 2. Journalize the transactions. Open the Allowance for Bad Debts T-account, and post entries affecting that account. Keep a running balance. Show how North Terrace Medical Center should report net accounts receivable on its December 31, 2016, balance sheet. 3. Print Done At September 30, 2016, the accounts of North Terrace Medical Center (NTMC) include the following: Accounts Receivable Allowance for Bad Debts (credit balance) 142.000 3.200 Requirement 1. Journalize the transactions. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Dec. 28: Wrote off accounts receivable as uncollectible: Sapphire Co., $1,800; Owen Wilson, 5700; and Patterson, Inc., $300. Date Accounts and Explanation Debit Credit 2016 Allowance for Bad Debts - 2800 Dec 28 Accounts Receivable-Owen Wilson 700 Accounts Receivable-Patterson, Inc. 300 Accounts ReceivableSapphire Co. 1800 Wrote off uncollectible accounts. Dec. 31: Recorded bad debts expense based on the aging of accounts receivable Date Accounts and Explanation Debit Credit 6967 2016 Dec 31 Bad Debts Expense Allowance for Bad Debts 6967 Recorded bad debts expense for the period. Requirement 2. Open the Allowance for Bad Debts T-account, and post entries affecting that account. Keep a running balance. (Enter the September 30 balance and post the December 28 entry on the first line of the account. Calculate the unadjusted balance on the second line of the account. Then post the December 31 adjusting entry on the third line of the account and calculate the December 31 adjusted balance on the last line of the account.) Allowance for Bad Debts Allowance for Bad Debts Adj. Bad debt Sep. 30 Bal. Write-offs Unadj. Bal. Requirement 3. Show how North Terrace Medical Center should rep balance sheet. (Ignore the Accounts Receivable balance given as of s sheet at December 31, 2016 below.) Allowance for Bad Debts Adj. Bad debt Sep. 30 Bal. Write-offs how North Terrace Medical Center should report net the Accounts Receivable balance given as of Septem 2016 below.) Allowance for Bad Debts 1 Dec. 31 2016 Bal. ow North Terrace Medical Center should report ne le Accounts Receivable balance given as of Septer Allowance for Bad Debts Adj. Bad debt Sep. 30 Bal. Write-offs Requirement 3 Shoubou.. Marth Allowance for Bad Debts Unadj. Bal. Allowance for Bad Debts Adj. Bad debt Requirement 3. Show how North Terrace Dalance sheet. (lanore the Accounts Receiv Sep. Dan sheet at December 31, 2016 below.) Write-offs report ne of Septe Allowance for Bad Debts Requirement 3. Show how North Terrace balance sheet. (Ignore the Accounts Receiv Dec. 31 2016 Bal sheet at December 31 2016 helmu sport Sep
