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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
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 Watgreens for $23, eea; the cost of these goods to GI was $14,700. February 12 Recelved payment in fuli from Walgreens. March 1 Sold merchandise to Bravis Pharmaco on account for $3,3e0; the cost of these goods to GI was $1, 550 . April 1 Sold merchandise to Tony's Pharnacy on account for $8,300. The cost to GI was $4,550. May 1 sold merchandise to Anjuli stores on account for $2,300; the cost to GI was $1,350. June 17 Received $6,650 on account froe 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 GI would report its accounts recelvable on its June 30 bolance sheet. 3-b. What amounts would be reported on an income statement prepared for the six-month period ended June 30 ? 1. Complete the following aged listing of customer accounts at June 30 . 2. Estimate the Allowance for Doubtful Accounts required at June 30 ossuming 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 GI would report its accounts recelvable 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. Complete the following aged listing of customer accounts at June 30. 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. 3-3. Show how GI would report its accounts recelvable 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. 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. June it Received 15,650 en accaunt fron Tony's Pharnacy. Pequired: 1. Complete the following oged listing of customer accounts at June 30 . 2. Estimate the Alowance for Doubtful Accounts required at June 30 assuming the following uncollectible rates: one menth, 1 percent, fwo months, 5 percent, three months, 20 percent, more than three months, 40 percent. 3-a. Show how Gl would report its accounts recelvable on its June 30 balance sheet. 3-b. What amounts would be reported on an income statement prepared for the stamonth period ended June 30 ? Complete this questlon by entering your answers in the tabs below. Show how Gl would report its accounts recelvable on its tune 30 balance sheet. June is Received $5,659 on account fran Tony's Pharnacy. Required: 1. Complete the following aped 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 GI would report its accounts recelvable 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. What amounts woud be reported on an income statement prepared for the six-month period ended fune 307
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