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

Exercise 5-10A Record the adjusting entry for uncollectible accounts using the aging method (LO5-5) Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $62,000; Allowance for Uncollectible Accounts = $1,300 (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 $ 42,000 20 % 0–30 days past due 10,200 25 % 31–90 days past due 7,200 40 % More than 90 days past due 2,600 80 % Total $ 62,000 Required: 1. Estimate the amount of uncollectible receivables. 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.

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