INCIPLES OF ACCOUNTING/R Needles H Anderson M Powers S Mills/Chanter 9 Problem 2 Thant Company uses the accounts receivable aging method to estimate uncollectable accounts. The balance of A/R account was $88,430 and the balance of Allowance for Uncollectable Accounts was $7,200 at the beginning of the year. During the year, the store had sales on account of $473,000, sales returns and allowances of $4,200, worthless accounts written-off of $7,900 and collections from customers of $450,730. At the end of the year, an aging analysis of accounts receivable is prepared as follows (partially completed): 3 4 1-30 31-60 61-90 over 90 days past days past days past days past due due due 5 Total not yet due due 6 % considered uncollectable 2% 5% 15% 25% 50% Balance brought forward 89.640 49.030 24.110 9.210 3.990 3.300 The following accounts remain to be classified to finish the analysis: 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 Account Amount Due Date Singh 930 Jan. 14 (next fiscal year) Wells 620 Dec.24 Roc 1.955 Sept.28 Cila 2.100 Aug. 16 Mix 375 Dec. 14 Price 2.685 Jan.23 (next fiscal year) Wendt 295 Nov.5