Question P9-29
You must use the associated Excel worksheet to complete all assigned exercises/problems. No other format will be accepted.
No Ai, chegg, etc.
Please check your work
-
Week1-HomeworkP9-29.xlsx
P9-29A
| P9-29A | Accounting for uncollectible accounts using the allowance method | |||||||||
| (aging-of-receivables) and reporting receivables on the balance sheet | ||||||||||
| At September 30, 2018, the accounts of Green Terrace Medical Center (GTMC) include | ||||||||||
| the following: | Accounts Receivable | $145,000 | ||||||||
| Allowance for Bed Debt (credit balance) | 3,500 | |||||||||
| During the last quarter of 2018, GTMC completed the following selected transactions: | ||||||||||
| * Sales on account, $450,000. Ignore Cost of Goods Sold | ||||||||||
| * Collections on account, $427,100 | ||||||||||
| * Wrote off accounts receivable as uncollectible: Regan, Co. $1,400; Owen Reis, $800; | ||||||||||
| and Patterson, Inc., $700 | ||||||||||
| * Recorded bad debts expense based on the aging of accounts receivable, as follows: | ||||||||||
| Age of Accounts | ||||||||||
| 1-30 days | 31-60 days | 61-90 days | Over 90 | |||||||
| days | ||||||||||
| Accounts Receivable | $104,000 | $39,000 | $14,000 | $8,000 | ||||||
| Estimated percent uncollectible | 0.3% | 3% | 30% | 35% | ||||||
| Requirements | ||||||||||
| 1. | Open T-accounts for Accounts Receivable and Allowance for Bad Debts. Journalize the transactions (omit explanations) and post to the two accounts. | |||||||||
| 2. | Show how Green Terrace Medical Center should report net accounts receivable on its December 31, 2018, balance sheet. | |||||||||
| Solution: | ||||||||||
| Requirements 1 and 2 | ||||||||||
| Date | Accounts and Explanation | Debit | Credit | |||||||
| 2018 | Accounts Receivable | – 0 | ||||||||
| Sales Revenue | – 0 | |||||||||
| Cash | – 0 | |||||||||
| Accounts Receivable | – 0 | |||||||||
| Allowance fo Bad Debts | – 0 | |||||||||
| Accounts Receivable-Regan, Co. | – 0 | |||||||||
| Accounts Receivable-Owen Reiss | – 0 | |||||||||
| Accounts Receivable-Patterson, Inc. | – 0 | |||||||||
| Dec. 31 | Bad Debts Expense | – 0 | ||||||||
| Allowance for Bad Debts | – 0 | |||||||||
| Age of Accounts Receivable | ||||||||||
| 1 – 30 Days | 31 – 60 Days | 61 – 90 Days | Over 90 Days | Total Receivables | ||||||
| Accounts Receivable | – 0 | – 0 | – 0 | – 0 | – 0 | |||||
| Percent uncollectible | 0% | 0% | 0% | 0% | ||||||
| Estimated total uncollectible | – 0 | – 0 | – 0 | – 0 | – 0 | |||||
| Requirement 2 | ||||||||||
| Accounts Receivable | Allowance for Bad Debts | |||||||||
| 9/30 Balance | – 0 | – 0 | Collections | Write-off | – 0 | – 0 | 9/30 Balance | |||
| Net credit sales | – 0 | – 0 | Write-offs | – 0 | Unadj. Bal. | |||||
| – 0 | Adj. | |||||||||
| Dec. 31 Balance | – 0 | – 0 | Dec. 31 Balance | |||||||
| Requirement 2 | ||||||||||
| GREEN TERRACE MEDICAL CENTER | ||||||||||
| Balance Sheet—Partial | ||||||||||
| December 31, 2018 | ||||||||||
| Assets | ||||||||||
| Current Assets: | ||||||||||
| Accounts Receivable | $ – 0 | |||||||||
| Less: Allowance for Bad Debts | – 0 | $ – 0 | ||||||||
&”Arial,Bold”&12HORNGREN'S ACCOUNTING – 12th Edition
&”Arial,Bold”Chapter 9: Receivables &”Arial,Bold”Page &P of &N
- WE OFFER THE BEST CUSTOM PAPER WRITING SERVICES. WE HAVE DONE THIS QUESTION BEFORE, WE CAN ALSO DO IT FOR YOU.
- Assignment status: Already Solved By Our Experts
- (USA, AUS, UK & CA PhD. Writers)
- CLICK HERE TO GET A PROFESSIONAL WRITER TO WORK ON THIS PAPER AND OTHER SIMILAR PAPERS, GET A NON PLAGIARIZED PAPER FROM OUR EXPERTS
QUALITY: 100% ORIGINAL PAPER – NO PLAGIARISM – CUSTOM PAPER
Why Choose Us?
- 100% non-plagiarized Papers
- 24/7 /365 Service Available
- Affordable Prices
- Any Paper, Urgency, and Subject
- Will complete your papers in 6 hours
- On-time Delivery
- Money-back and Privacy guarantees
- Unlimited Amendments upon request
- Satisfaction guarantee
How It Works
- Click on the “Place Your Order” tab at the top menu or “Order Now” icon at the bottom and a new page will appear with an order form to be filled.
- Fill in your paper’s requirements in the “PAPER DETAILS” section.
- Fill in your paper’s academic level, deadline, and the required number of pages from the drop-down menus.
- Click “CREATE ACCOUNT & SIGN IN” to enter your registration details and get an account with us for record-keeping and then, click on “PROCEED TO CHECKOUT” at the bottom of the page.
- From there, the payment sections will show, follow the guided payment process and your order will be available for our writing team to work on it.
About AcademicWritersBay.com
AcademicWritersBay.com is an easy-to-use and reliable service that is ready to assist you with your papers 24/7/ 365days a year. 99% of our customers are happy with their papers. Our team is efficient and will always tackle your essay needs comprehensively assuring you of excellent results. Feel free to ask them anything concerning your essay demands or Order.
AcademicWritersBay.com is a private company that offers academic support and assistance to students at all levels. Our mission is to provide proficient and high quality academic services to our highly esteemed clients. AcademicWritersBay.com is equipped with competent and proficient writers to tackle all types of your academic needs, and provide you with excellent results. Most of our writers are holders of master’s degrees or PhDs, which is an surety of excellent results to our clients. We provide assistance to students all over the world.
We provide high quality term papers, research papers, essays, proposals, theses and many others. At AcademicWritersBay.com, you can be sure of excellent grades in your assignments and final exams.
