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Exercise 5-10 (Algo) Record the adjusting entry for uncollectible accounts using the aging method (LO5-5)...

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Accounting

Exercise 5-10 (Algo) Record the adjusting entry for uncollectible accounts using the aging method (LO5-5)

Ascension Hospital has the following balances on December 31, 2024, before any adjustment: Accounts Receivable = $64,000; Allowance for Uncollectible Accounts = $1,400 (credit). Ascension estimates uncollectible accounts based on an aging of accounts receivable as shown below.

Age Group Amount Receivable Estimated Percent Uncollectible
Not yet due $44,000 15%
0 to 30 days past due 10,400 20%
31 to 90 days past due 7,400 45%
More than 90 days past due 2,200 85%
Total $64,000

Required: 1. Estimate the amount of uncollectible receivables. 2. Record the adjusting entry for uncollectible accounts on December 31, 2024. 3. Calculate net accounts receivable reported in the balance sheet.

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