Answer Happy

Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $50,000; Allowance for Uncollectible Accounts = $1,300 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group Not yet due 8-30 days past due 31-90 days past due More than 90 days past due Total Age Group Amount Receivable $30,000 Required: 1. Estimate the amount of uncollectible receivables. Not yet due 0-30 days past due 31-90 days past due More than 90 days past due Total 9,000 6,000 5,000 $50,000 Estimated Amount Uncollectible Estimated Percent Uncollectible 20% 25% 40% 80%
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 list Journal entry worksheet 1 Record the adjusting entry for Uncollectible Accounts. Note: Enter debits before credits. Date December 31, 2021 Record entry General Journal Clear entry Debit Credit View general journal
3 3. Calculate net accounts receivable. Total Accounts Receivable Net Accounts Receivable