Adjusting Entry for Uncollectible Accounts and Net Accounts

Exercise 5-8A Record the adjusting entry for uncollectible accounts and calculate net accounts receivable (LO5-5) Physicians' Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $60,000; Allowance for Uncollectible Accounts = $1,100 (credit). On December 31, 2021, Physicians' estimates uncollectible accounts to be 15% of accounts receivable. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) X Answer is complete but not entirely correct. No Date General Journal Debit Cred Assessment Tool iFrame December 31 Bad Debt Expense V 8,850X Allowance for Uncollectible Accounts V 8,850 X 2. Determine the amount at which bad debt expense is reported in the income statement and the allowance for uncollectible accounts is reported in the balance sheet. X Answer is not complete. Bad Debt Expense $ 8,850X Allowance for Uncollectible Accounts 3. Calculate net accounts receivable. X Answer is not complete. Total Accounts Receivable Less: Allowand Uncollectible Accounts V Net Accounts Receivable $ 50,050X