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Okay Optical, Incorporated (OOl), began operations in January, selling inexpensive sunglasses to large retailers like Walgreens and other smaller stores. Assume the following transactions occurred

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Okay Optical, Incorporated (OOl), 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 $20,000; the cost of these goods to 001 was 512,000. February 12 Received paynent in full fron Walgreens. March 1 Sold merchandise to Bravis Pharmaco on account for 53,809 ; the cost of these goods to 001 vas 51,400 . April 1 Sold merchandise to Tony's Pharnacy on account for $8,000. The cost to o0I was $4,400. May 1 Sold merchandise to Anjuli Stores on account for $2,000; the cost to 001 was $1,200. June 17 Received 56,500 on account from Tony's Pharnacy. 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 OOI 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 the following aged listing of customer accounts at June 30 . 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. Show how 00I would report its accounts recelvable on its June 30 balance sheet. What amounts would be reported on an income statement prepared for the six-month period ended June 30

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