Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please complete the following charts. Show all work. thanks. CB-1 Recording and Reporting Credit Sales and Bad Debts Using the Aging of Accounts Receivable Method

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

Please complete the following charts. Show all work. thanks.

CB-1 Recording and Reporting Credit Sales and Bad Debts Using the Aging of Accounts Receivable Method (Chapters 6 and 8) [LO 6-4, LO 8-2 Okay Optical, Inc (000, bega smaller stores. Assume the following transactions occurred during its first six m an operations in January, selling inexpensive sunglasses to large retaitiers like Walgreens and other banuary 1 sold werchandise to kiln for 29, e, the cost of these soods to 0o1 112,888 goods to 00I February 12 Received payment in full fron Welgreens March 1 Sold merchandise to Bravis Phareaco on account for 53,ese; the cost of these Apel1 1 sold merchandise to Tany's Plharmacy on account for $8,ee. The cest to cot aas $,429 51,488. May 1 Sold nerchandise to Anjuli Stores on account for 2,; the cost June 17 Received se, see on account from Tony's Phsreacy to oot wos 51,2e. Required: 1. Complete the following aged listing of customer accounts at June 30 2. Estimate the Allowance for Doubtful Accounts required at June 30 assurting the folowing uncollectible rates one month, 1 percent two nonths, 5 percent, three montns, 20 percent more than three morths, 40 percent 3-a. Show how Ool would report its accounts receivable on its June 30 bolance sheel would be reported on an income statement prepared for the stb-month petiod ended June 20? Complete this question by entering your answers in the tabs below

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions