Accounting for uncollectible accounts using the allowance method, and reporting receivable...

Accounting for uncollectible accounts using the allowance method, and reporting receivables on the balance sheet

At September 30, 2012, the accounts of Park Terrace Medical Center (PTMC) include the following:

During the last quarter of 2012, PTMC completed the following selected transactions:

Requirements

1. Journalize the transactions.

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2. Open the Allowance for uncollectible accounts T-account, and post entries affecting that account. Keep a running balance.

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3. Show how Park Terrace Medical Center should report net Accounts receivable on its December 31, 2012 balance sheet. Use the three line reporting format.