The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The cen...

The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2021, before any adjustment Accounts Receivable = $94.000, Allowance for Uncollectible Accounts $2,400 (debit). The center 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	5%
0 - 60 days past due	24,400	20%
61-120 days past due	14,400	30%
More than 120 days past due	11,200	85%
Total	$ 94,000

Required:

1. Estimate the amount of uncollectible receivables.

Age Group	Estimated Amount Uncollectible
Not yet due
0-60 days past due
61-120 days past due
More than 120 days past due
Total

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.)

3. Calculate net accounts receivable

The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the f

Required: 1. Estimate the amount of uncollectible receivables. Age Group Estimated Amount Uncollectible Not yet due 0-60 days

2 Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular trans

3. Calculate net accounts receivable Total Accounts Receivable Net Accounts Receivable

Expert Solution

1) Estimated amount of uncollectible

	Estimated amount of uncollectible
Not yet due	2200
0-60 days	4880
61-120 days	4320
Over 120 days	9520
Total	20920

2) Adjusting entry

Date	account and explanation	Debit	Credit
Dec 31	Bad debt expense (20920+2400)	23320
	Allowance for doubtful accounts		23320

3) Balance sheet presentation

Total account receivable	94000
Less: Allowance for doubtful accounts	-20920
New account receivable	73080

ekkarill92 answered 3 years ago

The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents.

The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $91,000; Allowance for Uncollectible Accounts = $2,100 (debit). The center estimates uncollectible accounts based on an aging of accounts receivable as shown below.Age GroupEstimated Amount UncollectibleEstimated Percent UncollectibleNot yet due$ 41,0005% 0-60 days past due24,10020%61=120 days past due14,10030%More than 120 days past due11,80085% Total$91,000Required: 1. Estimate the amount of uncollectible receivables. Age GroupEstimated Amount...

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