Question

Mercy Hospital has the following balances on December 31, 2021, before any adjustment Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credio. Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. 

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. 

Answer 1

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