Question
On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,200, terms 4/10, n/30. Grace pays for those services on March
On March 12, Medical Waste Services provides services on account to Grace Hospital for $10,200, terms 4/10, n/30. Grace pays for those services on March 20.
Required:
For Medical Waste Services, record the service on account on March 12 and the collection of cash on March 20. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
2.
During 2021, its first year of operations, Pave Construction provides services on account of $120,000. By the end of 2021, cash collections on these accounts total $90,000. Pave estimates that 20% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $5,400.
Required:
1. Record the adjusting entry for uncollectible accounts on December 31, 2021.
2-a. Record the write-off of accounts receivable in 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
2-b. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022). 3-a. Assume the same facts as above but assume actual write-offs in 2022 were $8,100. Record the write-off of accounts receivable in 2022. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
3-b. Assume the same facts as above but assume actual write-offs in 2022 were $8,100. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022).
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