Business, 07.03.2020 03:29 emmacate

Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2015, Pearl provides services on account of $590,000. Of this amount, $80,000 remains receivable at the end of the year. An aging schedule as of December 31, 2015, is provided below.

Age Group Amount
Receivable Estimated Percent Uncollectible
Not yet due $ 40,000 4%
0-90 days past due 16,000 20%
91-180 days past due 11,000 25%
More than 180 days past due 13,000 80%
Total $ 80,000
1. Calculate the allowance for uncollectible accounts.

2. Record the December 31, 2015, adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $5,000 (credit).

3. On July 19, 2016, a customer�s account balance of $8,000 is written off as uncollectible. Record the write-off.

4. On September 30, 2016, the customer whose account was written off in Part 3 unexpectedly pays the full amount. Record the cash collection.

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Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2015, Pearl provides...

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