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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
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 belowStep by Step Solution
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