County General Hospital estimates uncollectible accounts to be ...

[crazycityslicker]

County General Hospital estimates uncollectible accounts to be 112,000 and contractual adjustments to be 79,000 . The entry needed to record these estimates would be
 
   Debit Credit
 
  A. Expenses
   Allowance for Doubtful Accounts 191,000
  191,000
  B. Expenses
  Revenue Deductions  Contractual Adjustments
   Allowance for Doubtful Accounts
   Allowance for Contractual Adjustments 112,000
  79,000
 
  112,000
  79,000
  C. Revenue Deductions  Uncollectible Accounts
  Expenses
   Allowance for Doubtful Accounts
   Allowance for Contractual Adjustments 112,000
  79,000
 
  112,000
  79,000
  D. Revenue Deductions  Uncollectible Accounts
  Revenue Deductions  Contractual Adjustments
   Allowance for Doubtful Accounts
   Allowance for Contractual Adjustments 112,000
  79,000
 
  112,000
  79,000

Question 2

The fact that each transaction has a dual effect on the accounting elements provides the basis for what is called complex-entry accounting.
 a. True
   b. False
   Indicate whether the statement is true or false

[aburgess]

Answer to Question 1

D

Answer to Question 2

False

[crazycityslicker]

Thanks for the timely response, appreciate it

[FergA]

Great answer, keep it coming