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 $15,000; the cost of these goods to GI was $7,500.
February 12	Received payment in full from Walgreens.
March 1	Sold merchandise to Bravis Pharmaco on account for $2,500; the cost of these goods to GI was $1,150.
April 1	Sold merchandise to Tonys Pharmacy on account for $7,500. The cost to GI was $4,150.
May 1	Sold merchandise to Anjuli Stores on account for $1,500; the cost to GI was $950.
June 17	Received $6,250 on account from Tonys Pharmacy.

Required:

1. 1. Complete the following aged listing of customer accounts at June 30.

Customer	Total Balance	Unpaid Since
		June	May	April	March
		(One Month)	(Two Months)	(Three Months)	(Greater than Three Months)
Anjuli Stores	$1,500		$1,500
Bravis Pharmaco	2,500				2,500
Tonys Pharmacy
Walgreens
Total

1. 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.

Estimated Uncollectible
One Month
Two Months
Three Months
More than Three Months
Total

1. 3-a. Show how GI 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?