DOK ECE Wycom was to be there the threw Creation otthon December 2011 Days Paste Customer Batante Paste 1-30 31-60 61-10 91-120 Over 120 01.00 22,300 1.800 25.000 There were Cust Due Date Balance 2 2011 1200 Sept 2011 1.100 Teh Oct. 7.30 100 Oct 24, 2011 1.500 C 13,30 000 Ohhh 29, 2011 3,300 O HD bet 2, 001 Percam Miecollectible 1-3 yea 10 My word Net Al word 31-60 C 15 SE 1120 130 Cante Due Date May 23, JOY Number of Days Paste Day Hots CH Oct 17,201 Oct 2 To 21,01 Bay On That OD TADEN 14 dar 2. Co window Wig Cream Aisa arieties etute 1 ADET Daye Past he Day Baye Pa 3-0 3-1011 Days Paar Du 120 My w Age la adale 11 10r| TADE TE Hot Days Past Dual-as| Days PI Paa Paal Days Part Bus| Malare Naur Pro - pril OH OD --- | that is DH VHS to WE the words 88 Othehe www.be met out Oh My Atten Receivestimating Allowance Doubt Account wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable derfor Wig Creations prepared the following partially completed aging of receivables schedules of the end of business on December 31, 2011 Days Past Due Customer Balance Not Past Due 31-60 61-90 91-120 Over 120 Subtotals 601,400 333.800 144,300 66,200 22,300 19,800 15.000 The town counts were intention omitted from the aging schedule Customer Due Date Balance Arcade beauty May 28, 2011 $2,000 Creative Images Sept.7, 2011 Excel Hair Products Oct 17, 2011 300 First Class Hair Care Oct 24, 2011 1.000 Golden Images Nov. 23, 2011 600 Oh That Hair Now. 29, 2011 3,200 One Stop Hair Design Dec 2. 2011 2.100 Vicions a ANA Jan. 5. 2012 Wig Creations past history of collectible accounts by age category, as follows: Percent Age Class Uncollectible 5.800 7.100 Nex Ded My Work Previous 2011 PU BOSS tv A Age Class Percent Uncollectible 2 % 4 10 Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Over 120 days past due Required: 15 35 50 8 1. Determine the number of days past due for each of the preceding wounts 1 an account is not past due, enter a zero Customer Due Date Number of Days Past Due Arcade Beauty May 28, 2011 days Creative Images Sept. 7, 2011 days Excel Hair Products Oct 17, 2011 days First Class Hair Care Oct 24, 2013 days Golden Images Nov. 23, 2011 days Oh That Hair Nov. 29, 2011 days One Stop Designs Dec 2, 2011 days Vision Hair & Noll Jan 5, 2012 days Chhomework (Due Nov 21) Book 2. Complete the aging of recevables schedule by adding the amitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry leave thank Wig Creations Company Aging of Receivables Schedule December 31, 2011 Not Days Days Days Days Days Past Past Past Past Past Past Due Customer Du Balance Due 1-30 Due 31-60 Due 61-90 Due 91-120 Over 120 Subtotais Arcade Beauty Creative Images Excel Hat Products First Class Hair Care Golden Images On That Hair One Stop Har Design Vision Hair Nan Total Percent uncollectie 10% 35% Estimate of uncollectible accounts mod unu'd bnfd bod 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 $1,550 before adjustment on December 31, 2011. Joumalize the adjustment for uncollectible accounts. If an amount box does not require an entry, leave it blank 88 5. Assume that the adjusting entry in (6) was inadvertently omitted, how would the mission affect the balance sheet and income statement? On the balance sheet, assets would be by because the allowance for doubtful accounts would be In addition, the owner's capital account would be by because bad debt expense would be by on the income statement by and not income Oreck My Work Previous Next 15 SIV G