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Presentation/PPT
27/08/2022
P9-28A Accounting for uncollectible accounts using the allowance method (aging-of-receivables), and reporting receivables on the balance sheet At September 30, 2014, the accounts of Mountain Terrace Medical Center (MTMC) include the following:Accounts Receivable$ 145,000Allowance for Bad Debts (credit balance)3,500 During the last quarter of 2014, MTMC completed the following selected transactions:Dec. 28 Wrote off accounts receivable as uncollectible: Regan, Co., $1,300; Owen Mac, $900; and Rain, Inc., $70031Recorded bad debts expense based on the aging of accounts receivable, as follows:Learning Objectives 1, 2, 31. Bad Debts Expense $17,700Learning Objective 32. Allowance CR Bal. $11,551 at Dec. 31, 2014>ISBN 1-269-32781-XHorngren’s Accounting, The Financial Chapters, Tenth Edition, by Tracie Nobles, Brenda Mattison, and Ella Mae Matsumura. Published by Prentice Hall. Copyright © 2014 by Pearson Education, Inc. 594chapter9CHAPTER 9Age of AccountsAccounts Receivable1–30 Days31–60 Days 61–90 Days Over 90 Days$165,000$97,000$37,000$14,000$17,000 Estimated percent uncollectible0.3%3%30%35%Requirements1.Journalize the transactions.2.Open the Allowance for Bad Debts T-account, and post entries affecting that account. Keep a running balance.3.Show how Mountain Terrace Medical Center should report net accounts receivable on its December 31, 2014, balance sheet.P9-29AAccounting for uncollectible accounts using the allowance method (percent-of-sales), and reporting receivables on the balance sheetQuality Watches completed the following selected transactions during 2013 and 2014:2013Dec. 31Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and recorded that amount as expense.31Made the closing entry for bad debts expense.2014Jan. 17Sold merchandise inventory to Malcolm Monet, $700, on account. Ignore cost of goods sold.Jun. 29Wrote off Malcolm Monet’s account as uncollectible after repeated efforts to collect from him.Aug.6Received $700 from Malcolm Monet, along with a letter apologizing for being so late. Reinstated Monet’s account in full and recorded the cash receipt.Dec. 31Made a compound entry to write off the following accounts as uncollectible: Brian Kemper, $1,600; May Milford, $1,000; and Ronald Richter, $400. 31Estimated that bad debts expense for the year was 2% on credit sales of $460,000 and recorded the expense. 31Made the closing entry for bad debts expense.Requirements1.Open T-accounts for Allowance for Bad Debts and Bad Debts Expense. Keep running balances, assuming all accounts begin with a zero balance.2.Record the transactions in the general journal, and post to the two T-accounts.3.Assume the December 31, 2014, balance of Accounts Receivable is $135,000. Show how net accounts receivable would be reported on the balance sheet at that date.Learning Objectives 1, 33. Net AR $119,800
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