FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $578,000. Of this amount, $68,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below.
  

Age Group Amount
Receivable
Estimated Percent Uncollectible
Not yet due   $ 28,000       5 %
0-90 days past due     14,800       10 %
91–180 days past due     9,800       30 %
More than 180 days past due     15,400       80 %
Total   $ 68,000          
 

 

3. On July 19, 2022, a customer’s account balance of $6,800 is written off as uncollectible. Record the write-off. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)

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