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Using the same facts, assume instead that write-off method to account for uncollectible receivables. Journalize all September entries using the direct write-off method. Post to
Using the same facts, assume instead that write-off method to account for uncollectible receivables. Journalize all September entries using the direct write-off method. Post to Accounts receivable and Uncollectible account expense and show their balances at September 30, 2012. What amount of uncollectible account expense would Daisy report on its September income statement under each of the two methods? Which amount better matches expense with revenue? Give your reason. What amount of net accounts receivable would Daisy report on its September 30, 2012 balance sheet under each of the two methods? Which amount is more realistic? Give your reason. At September 30, 2012, the accounts of Mountain Terrace Medical Center (MTMC) include the following: During the last quarter of 2012, MTMC completed the following selected transactions: Journalize the transactions. Open the Allowance for uncollectible accounts T-account, and post entries affecting that account. Keep a running balance. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2010 balance sheet. Use the three line reporting format
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