Reference no: EM131006598
Accounting for uncollectible accounts using the allowance method (aging-of-receivables), and reporting receivables on the balance sheet.
2. Allowance CR Bal $11,551 at Dec 31, 2014
At September 30, 2014, the accounts of Mountain Terrace Medial Center (MTMC) indude the following:
Accounts Receivable.........$145,000
Allowance for Bad Debts (credit balance).......$3,500
During the last quarter of 2014. MTMC completed the folkming sckctcd transactions:
Dec. 28 Wrote off accounts receivable as uncollecuble: Regan, Co.. 51,300; Owen Mac, 5900; and Ran, Inc., 5700
Dec. 31 Recorded bad debts expense based on the aging of accounts recervable, as follows.
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Age of Accounts
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Accounts Receivable
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1-30 Days
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31-60 Days
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61-90 Days
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Over 90 Days
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S 165.000
Estimated percent uncollectible
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597.000
0.3%
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537.000
3%
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514.000
30%
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517.000
35%
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Requirements
1. Journalize the transactions.
2. Open the Allowance for Bad Debts T-account, and post entries affecting that account. Keep a running balance.
3. Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2014, balance sheet.
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