Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable...
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Accounting
Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $55,000; Allowance for Uncollectible Accounts = $1,500 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below.
Age Group Amount Receivable Estimated Percent Uncollectible
Not yet due $ 35,000 20 %
030 days past due 9,500 25 %
3190 days past due 6,500 50 %
More than 90 days past due 4,000 90 % Total $ 55,000
Required: 1. Estimate the amount of uncollectible receivables.
3. Calculate net accounts receivable. Total Accounts Receivable Net Accounts Receivable 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
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