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Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Recevable = $111.000: Allowance for Uncollectible Accounts = $2,100 (debin. On December 31, 2021, Southwest estimates uncollectible accounts to be 20% of accounts recevable. 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 ist Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits General Journal Debit Credit Date December 31 2021 Record entry Clear entry View general Journal 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 Uncolectible Accounts 3. Calculate net accounts recevable. Total Accounts Receivable Net Accounts Receivable L Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $51,000: Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Estimated Percent Uncollectible 15% Age Group Not yet due 8-30 days past due 31-90 days past due More than 90 days past due Amount Receivable $31,280 9.100 6.100 4,880 $ 51,600 Total Required: 1. Estimate the amount of uncollectible receivables. Age Group Estimated Amount Uncollectible Not yet due 0-30 days past due 31-90 days past due More than 90 days past due Total 2 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 ist Journal entry worksheet Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits Date General Journal Debit Credit December 31, 2021 Record entry Clear entry View general Journal 3. Calculate net accounts receivable. Total Accounts Receivable Net Accounts Receivable On January 1, 2021, the general ledger of 3D Family Fireworks Includes the following account balances: Credit Debit $26.199 14,700 $ 3,688 Accounts Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Notes Receivable (6%, due in 2 years) Land Accounts Payable Connon Stock Retained Earnings Totals 3.600 15.ee 80,000 7.900 95,000 33,588 $139,488 $139,488 During January 2021, the following transactions occur January 2 Provide services to customers for cash, $46, 108. January 6 Provide services to customers on account, $83,400. January 15 Write off accounts receivable as uncollectible, $2,500. January 20 Pay cash for salaries, $32,500. January 22 Receive cash on accounts receivable, $81,889. January 25 Pay cash on accounts payable, $6,6ee. January 30 Pay cash for utilities during January, $14,880. The following Information is available on January 31, 2021. a. The company estimates future uncollectible accounts. The company determines $4,000 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.) b. Supplies at the end of January total $800. C. Accrued Interest revenue on notes receivable for January. Interest is expected to be received each December 31. d. Unpald salaries at the end of January are $34,600. Requirement General Journal General Ledger Trial Balance Income Statement Balance Sheet Analysis 1. Record each of the transactions listed above in the 'General Journal' tab these are shown as items 1-7). Review the "General Ledger' and the 'Trial Balance' tabs to see the effect of the transactions on the account balances. 2. Record the adjusting entries in the General Journal' tab these are shown as items 8-11). 3. Review the adjusted Trial Balance' as of January 31, 2021, in the Trial Balance' tab. 4. Prepare an income statement for the period ended January 31, 2021, in the 'Income Statement' tab. 5. Prepare a classified balance sheet as of January 31, 2021 in the Balance Sheet' tab. 6. Record the closing entries in the 'General Journal' tab (these are shown as items 12 and 13). 7. Using the information from the requirements above, complete the Analysis tab. Unadjusted - 3D Family Fireworks Income Statement For Month Ended January 31, 2021 Revenue s Total Revenue Expenses Total Expenses 3D Family Fireworks Balance Sheet January 31, 2021 Assets Liabilities Current Assets: Current Liabilities: of 0 Total Current Liabilities 0 Total Current Assets Long-term assets: Total Liabilities Stockholders' Equity Total Stockholders' Equity 0 Total Liabilities & Stockholders' Equity Total Assets Enter your Accounts Receivable turnover value in 1 decimal place and Ratio of Allowance for Uncollectible Accounts in Whole number. Analyze how well 3D Family Fireworks manages its receivables (a) Calculate the receivables tumover ratio for the month of January (Hint: For the numerator, use total services provided to customers on account). If the industry average of the receivables turnover ratios for the month of January is 4.4 times, is the company collecting cash from customers more or less efficiently than other companies in the same industry? Accounts Receivable turnover. times The company is collecting more efficiently. (true or false) (b) Calculate the ratio of Allowance for Uncollectible Accounts to Accounts Receivable at the end of January. Based on a comparison of this ratio to the same ratio at the beginning of January, does the company expect an improvement or worsening in cash collections from customers on credit sales? Ratio of Allowance for Uncollectible Accounts to Accounts Receivable Should the company expect improving or worsening conditions