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Learning Objective 3 2. Dec. 31, 2014 Allowance CR Bal. $5,288 P9-35B Accounting for uncollectible...

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Learning Objective 3 2. Dec. 31, 2014 Allowance CR Bal. $5,288 P9-35B 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 Park Terrace Medical Center (PTMC) include the following: Accounts Receivable $ 141,000 3,400 Allowance for Bad Debts (credit balance) During the last quarter of 2014, PTMC completed the following selected transactions: Dec. 28 Wrote off accounts receivable as uncollectible: Red, Co., $1,600; Jacob Weiss, $1,300; and Star, Inc., $300 Recorded bad debts expense based on the aging of accounts receivable, as follows: 31 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 6190 Days Over 90 Days $161,000 Estimated percent uncollectible $99,000 0.2% $42,000 2% $15,000 20% $5,000 25% Requirements 1. 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 Park Terrace Medical Center should report net accounts receivable on its December 31, 2014, balance sheet

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