Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy
Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Total Receivables by Aging 0-30 days past due 31-90 days past due Not yet due | More than 90 days past due Estimated Percentage Uncollectible by Aging Category More than 90 days past due 31 - 90 days past due 0-30 days past due Not yet due 0% 10% 20% 30% 60% 70% 80% 40% 50% Estimated % Required 1. Estimate the amount of uncollectible receivables. 2. Record the adjusting entry for uncollectible account 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 3. Calculate net accounts receivable. Age Group Uncall Journal entry worksheet Total Accounts Recetable Not yet A 0-30 past due 31 90 daus past due More than 90 days paadun Nct Accounts Recchablo Record the adjusting entry for Uncollectible counts. Not: Enter dette for bruit General Journal Debit Credit Date December 31, 202 Record entry Charently View general Journal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started