Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 26 Sep 2017 My Price 5.00

Sunset Hills Clinic

At December 31, 20X7, before any year-end adjustments, the accounts receivable balance of Sunset Hills Clinic is $235,000. The allowance for doubtful accounts has a $7,400 credit balance. Sunset Hills prepares the following aging schedule for accounts receivable:

 

Age of Accounts

      

Total Balance

1–30 Days

31–60 Days

61–90 days

Over 90 Days

$235,000

$110,000

$60,000

$50,000

$15,000

Estimated uncollectible

0.5%

1.0%

6.0%

40%

Required

1. Based on the aging of accounts receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low?

2. Make the entry required by the aging schedule. Prepare a T-account for the allowance.

3. Show how Sunset Hills Clinic will report Accounts Receivable on its December 31 balance sheet. Include the 2 accounts that come before receivables on the balance sheet, using assumed amounts.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 05:09 PM My Price 5.00

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