[tburton2727]

Here is the problem I have in an accounting class:

At September 30, 2012, the accounts of Moutain Terrace Medical Center (MTMC) include the following:

Accounts Receivable $145,000
Allowance for uncollectible accounts (credit balance) $3,500

During the last qtr of 2012, MTMC completed the following selected transactions:
Dec. 28: Wrote off accounts receivable as uncollectible: $1,300, $900, and $700
Dec. 31: Recorded uncollectible account expense based on the aging of accounts receivable, as follows:

Age of Accounts

Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days
$165,000 $97,000 $37,000 $14,000 $17,000

Estimated %
Uncollectible 0.3% 3% 30% 35%

Part 1: Journalize the transactions using the allowance method

Part 2: Open the allowance for uncollectible accounts T-accounts, and post entires affecting that account. Keep a running balance

Part 3: Show how MTMC should report net accounts receivable on its Dec, 31 2012 balance sheet. Use the three line reporting format

Somebody please help!

Thank you,

Tim Burton

[paraclete]

What help do you need the questions are straightforward