Additional questions:

1. ADA, credit balance = 1500, record the adjusting entries for estimated bad debt expense on June 30 and compute NRV. 2. ADA, debit balance = 1500, record the adjusting entries for estimated bad debt expense on June 30 and compute NRV.

Question 4 Comprehensive Exercise for Recording and Reporting Credit Sales and Bad Debts Using the Aging of Accounts Receivable Method Okay Optical, Inc. (001) began operations in January 2020 selling inexpensive sunglasses to large retailers like Walgreen's and other smaller stores. Assume the following transactions occurred during its first six months of operations. The credit term is 2/10, m/EOM (end of month) 1. January 1 - Sold merchandise to Walgreen's on account for $20,000; the cost of goods to OOI was $12,000. 2. February 12 - Received payment in full from Walgreen's. 3. March 1 - Sold merchandise to Bravis Pharmaco on account for $3,000; the cost of goods to OOI was $1,400. 4. April 1 - Sold merchandise to Tony's Pharmacy on account for $8,000. The cost to OOI was $4,400. 5. May 1 - Sold merchandise to Anjuli Stores on account for $2,000; the cost to OOI was $1,200. 6. June 17 - Received $6,500 on account from Tony's Pharmacy. Required: 1. Complete an aged listing of customer accounts at June 30. 2. Estimate the Allowance for Doubtful Accounts required at June 30, assuming the following uncollectible rates: Days past due (days Estimated uncollectible unpaid) 0-30 5 31-60 10 61-90 30 Over 90 50 (%) 3. Show how OOI would report its accounts receivable on its June 30 balance sheet. What amounts would be reported on an income statement prepared for the six-month period ended June 30, 2020? Question 4 Comprehensive Exercise for Recording and Reporting Credit Sales and Bad Debts Using the Aging of Accounts Receivable Method Okay Optical, Inc. (001) began operations in January 2020 selling inexpensive sunglasses to large retailers like Walgreen's and other smaller stores. Assume the following transactions occurred during its first six months of operations. The credit term is 2/10, m/EOM (end of month) 1. January 1 - Sold merchandise to Walgreen's on account for $20,000; the cost of goods to OOI was $12,000. 2. February 12 - Received payment in full from Walgreen's. 3. March 1 - Sold merchandise to Bravis Pharmaco on account for $3,000; the cost of goods to OOI was $1,400. 4. April 1 - Sold merchandise to Tony's Pharmacy on account for $8,000. The cost to OOI was $4,400. 5. May 1 - Sold merchandise to Anjuli Stores on account for $2,000; the cost to OOI was $1,200. 6. June 17 - Received $6,500 on account from Tony's Pharmacy. Required: 1. Complete an aged listing of customer accounts at June 30. 2. Estimate the Allowance for Doubtful Accounts required at June 30, assuming the following uncollectible rates: Days past due (days Estimated uncollectible unpaid) 0-30 5 31-60 10 61-90 30 Over 90 50 (%) 3. Show how OOI would report its accounts receivable on its June 30 balance sheet. What amounts would be reported on an income statement prepared for the six-month period ended June 30, 2020