Aging of Receivables Schedule The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over 90 Customer Balance Due 1-30 31-60 61-90 Acme Industries Inc. 3,700 3,700 Alliance Company 5,100 5,100 Zollinger Company 9,400 9,400 Subtotals 848,900 512,700 186,800 81,500 42,400 25,500 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Boyd Industries $11.900 July 11 Hodges Company 8,500 September 20 Kent Creek Inc. 17,000 October 12 Lockwood Company 10,200 November 4 Van tops Company 22,900 December 21 3. Determine the number of days post due for each of the preceding accounts as of November 30. If an account is not a due, unter Customer Due Date Number of Days Past Due day Boyd Industries July 11 days Hodges Company September 20 Customer Due Date Number of Days Past Due Boyd Industries July 11 days Hodges Company September 20 days Kent Creek Inc. October 17 days Lockwood Company November 4 days Van Epps Company December 21 days 5. Complete the aging-of-receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank Evers Industries Aging of Receivables Schedule November 30 Customer Balance Not Past Due Days Past Due 1-30 Days Past Oue 31-60 Days Past Due 61-90 Days Past Due Over 90 Acme Industries Inc. $3,700 $3,700 Alliance Company 5,100 5,100 Zollinger Company 9,400 9,400 Subtotals 848,900 512,700 186,800 B1 500 42,400 25,500 Boyd Industries Hodges Company Kent Creek Inc Lockwood Company Van Coos Company Total Estimating Allowance for Doubtful Accounts Evers Industries has a past history of uncollectible accounts, as shown below. Age Class Percent Uncollectible 2 % 5 20 Not past due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. 30 45 Evers Industries Estimate of Allowance of Doubtful Accounts Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Du 61.90 Days Past Due Over 90 Days Past Due 907,800 516,300 193,800 82,600 56,200 58,900 296 5% 20% 304 45% Total receivables Percentage uncollectible Allowance for Doubtful Accounts Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries Aging-of-Receivables Schedule November 30 Not Past 1-30 Due Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Customer Balance Subtotals 737,400 435,100 162,200 66,400 36,900 36,800 Boyd Industries 17,800 17,800 17,300 Hodges Company 17,300 Kent Creek Inc. 9,200 9,200 10,500 Lockwood Company Van Epps Company 10,500 26,200 26,200 Totals 818,400 461,300 172,700 75,600 54,600 54,200 2% 69 25% 35% 5096 Percentage uncollectible Allowance for Doubtful Accounts 84,758 9,226 10,362 18,900 18,970 27,300 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 17,800 before adjustment on November 30. Journalize the adjusting entry for uncollectible accounts as of November 30, Nov 30
