C8-1 (Algo) Recording and Reporting Credit Sales and Bad Debts Using the Aging of Accounts Receivable Method (Chapters 6 and 8) [LO 6-4, LO 8-2] Griswold's, Incorporated (GI), began operations in January, selling inexpensive sunglasses to large retailers like Walgreens and other smaller stores. Assume the following transactions occurred during its first six months of operations. January 1 Sold merchandise to Walgreens for $12,000; the cost of these goods to GI was $4,800. February 12 Received payment in full from Walgreens. March 1 Sold merchandise to Bravis Pharmaco on account for $2,200; the cost of these goods to GI was $1,000. April 1 Sold merchandise to Tony's Pharmacy on account for $7,200. The cost to GI was $4,000. May 1 Sold merchandise to Anjuli Stores on account for $1,200; the cost to GI was $800. June 17 Received $6,100 on account from Tony's Pharmacy. Required: 1. Complete the following aged listing of customer accounts at June 30. 2. Estimate the Allowance for Doubtful Accounts required at June 30 assuming the following uncollectible rates: one month, 1 percent; two months, 5 percent; three months, 20 percent; more than three months, 40 percent. 3-a. Show how Gl would report its accounts receivable on its June 30 balance sheet. 3-b. What amounts would be reported on an income statement prepared for the six-month period ended June 30? Complete this question by entering your answers in the tabs below. Req Req 2 Req 3A Req 3B Complete the following aged listing of customer accounts at June 30. Unpaid Since Customer Total Balance June May April (One Month) Anjuli Stores 1,200 1,200 (Two Months) (Three Months) $ March (Greater than Three Months) Bravis Pharmaco 2,200 2,200 Tony's Pharmacy 1,100 6,100 7,200 Walgreens 12,000 12,000 Total $ 16,500 $ 6,100 $ 1,200 $ 7,200 $ 14,000 5 Req 1 Req 2 Req 3A Req 3B Estimate the Allowance for Doubtful Accounts required at June 30 assumin percent; two months, 5 percent; three months, 20 percent; more than thr Estimated Uncollectible One Month Two Months Three Months More than Three Months Total 6A $ 0