Age ClassPercent UncollectibleNot past due1%1-30 days past due2 31-60 days past due12 61-90 days past due32 91-120 days past due38 Over 120 days past due82 Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partiallycompleted aging of receivables schedule as of the end of business on December 31, 20Y7:NotDays Past DuePastCustomerBalanceDue1-3031-6061-9091-120Over 120АВС Веauty21,00021,000Angel Wigs7,3007,300Zodiac Beauty3,7003,700Subtotals1,283,500744,500280,800129,50035,90015,00077,800The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year.CustomerDue DateBalanceArcade BeautyAug. 17$5,000Creative ImagesOct. 305,300Excel Hair ProductsJuly 38,700First Class Hair CareSept. 86,700Golden ImagesNov. 233,100Oh That HairNov. 292,300One Stop Hair DesignsDec. 76,700Visions Hair & NailJan. 114,700 Wig Creations CompanyAging of Receivables ScheduleDecember 31, 20Y7Not PastDays PastDays PastDays PastDays PastDays PastBalanceDueDue 1-30Due 31-60Due 61-90Due 91-120Due Over 120CustomerАВС Веauty21,00021,000Angel Wigs7,3007,300Zodiac Beauty3,7003,700Subtotals1,283,500744,500280,800129,50035,90015,00077,800Arcade BeautyCreative ImagesExcel Hair ProductsFirst Class Hair CareGolden ImagesOh That HairOne Stop Hair DesignsVisions Hair & NailTotalsPercent uncollectible (%)%%%%%%Estimate of uncollectible accounts $2$%24

Uncollectible Receivables:-Receivables which are not going to receive in the future, the company…

Wig Creations Company Aging of Receivables Schedule December 31, 20Y7 Not Past Days Past Days Past Days Past Days Past Days Pa Balance Due Due 1-30 Due 31-60 Due 61-90 Due 91-120 Due Over 1 Customer АВС Веauty 21,000 21,000 Angel Wigs 7,300 7,300 Zodiac Beauty 3,700 3,700 Subtotals 1,283,500 744,500 280,800 129,500 35,900 15,000 77,800 Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail Totals Percent uncollectible (%) % % % % % Estimate of uncollectible accounts $ $ $ $

Wig Creations Company Aging of Receivables Schedule December 31, 20Y7 Not Past Days Past Days Past Days Past Days Past Days Pa Balance Due Due 1-30 Due 31-60 Due 61-90 Due 91-120 Due Over 1 Customer АВС Веauty 21,000 21,000 Angel Wigs 7,300 7,300 Zodiac Beauty 3,700 3,700 Subtotals 1,283,500 744,500 280,800 129,500 35,900 15,000 77,800 Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail Totals Percent uncollectible (%) % % % % % Estimate of uncollectible accounts $ $ $ $

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 4.7C

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con=con&external_browser=0&launchUrl=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapp Given the following: 29 day billing cycle 4/17 Billing date previous balance $1,100 4/27 Payment 4/29 Charge 5/7 Payment 2$ 700 2$ 300 24 50 The average daily balance is: Multiple Choice $910.34 $810.43 None of these
e web Games ACC101 Chapter 8 Mini Case - Word O Search raquel rodriguez sert Draw Design Layout References Mailings Review View Help Body) v 11 AaBbCcDd AaBbCcDd AaBbC U v ab x, x A 三三 I Normal 1 No Spac. Heading 1 Editing Dictate Sensi A v Aa v A A 。田、刻T Font Paragraph Styles Voice Sensit Suppose Easton Company reported net receivables of $2,582 million and $2,260 million at January 31, 2019, and 2018, respectively, after subtraction allowances of $72 million and $67 million respectively. Easton earned total revenue of $43,333 million (all on account) and recorded uncollectible account expense of $13 million for the year ended January 31, 2019. Use the following T accounts to sort out your answer. 1. Use this information to measure the following amounts for the year ended January 31, 2019. a. Write-off of uncollectible receivables. b. Collection from customers Allowance for Uncollectible Accounts D Focus G
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NOWV2 | Online teachin x + EAssignment/takeAssignmentMain.do?invoker3&takeAssignmentSessionLocator%=&inprogress=false eBook Show Me How July 31 Not 1-30 31-60 61-90 Over 90 Past Days Days Days Days Customer Balance Due Past Due Past Due Past Due Past Due Subtotals 1,050,000 600,000 220,000 115,000 ৪5,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not requre an entry, leave it blank. 88 July 31 Next Check My Work Email Instructor Save and Exit Submit Assignment for Gradin
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O Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51
December 31, 20Y1 Customer Balance Not Past Due Days Past Days Past Due 1-30 Due 31-60 Days Past Days Past Due 61-90 Due 91-120 Days Past Due Over 120 Subtotals Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh The Hair One Stop Hair Designs Visions Hair and Nail Total Percent uncollectible Estimate of uncollectible accounts 1% 3% 10% 15% 35% 75% 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Wig Creations has a credit balance of $1,840 before adjustment on December 31, 20Y1. Journalize the adjustment for uncollectible accounts. 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? On the balance sheet, assets would be for doubtful accounts would be account would be by by by and net income by because the allowance In addition, the owner's capital because bad debt…
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Age Class	Percent Uncollectible
Not past due	1	%
1-30 days past due	2
31-60 days past due	12
61-90 days past due	32
91-120 days past due	38
Over 120 days past due	82