Exercise 5-8A Record the adjusting entry for uncollectible accounts and calculate net accounts receivable (LO5-5) Physicians' Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $56,000; 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.) View transaction list Journal entry worksheet < 1 Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Bad Debt Expense Allowance for Uncollectible Accounts 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. Bad Debt Expense Allowance for Uncollectible Accounts 3. Calculate net accounts receivable. Total Accounts Receivable Less: Allowance for Uncollectible Accounts Net Accounts Receivable $ 56,000