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PR 8-2B Aging of receivables; estimating allowance for doubtful accounts Obj. 4 Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2017: EXCEL TEMPLATE A B D E G H F Days Past Due C Not Past Due 15,000 1-30 31-60 61-90 2 3 Customer 4 ABC Beauty 5 Angel Wigs 91-120 Over 120 Balance 15,000 8,000 8,000 30 Zodiac Beauty 31 Subtotals 3,000 3,000 875,000 415,000 210,000 112,000 55,000 18.000 65,000 The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year. Customer Due Date Balance Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Vicionc Hair 9. Mail Aug. 17 Oct. 30 July 3 Sept. 8 Nov. 23 Nov. 29 Dec. 7 lan 11 $10,000 8,500 7,500 6,600 3,600 1,400 4,000 0. The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year. Due Date Balance Customer Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail Aug. 17 Oct. 30 July 3 Sept. 8 Nov. 23 Nov. 29 Dec. 7 Jan. 11 $10,000 8,500 7,500 6,600 3,600 1,400 4,000 9,000 Wig Creations has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible 1% 4 16 Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Over 120 days past due 25 40 80 G H 1 J L M N O P R S T U V W X Y Z . AB AC AD . B D Instructions Answers are entered in the cells with gray backgrounds. Cells with non-gray backgrounds are protected and cannot be edited. An asterisk (*) will appear to the right of an incorrect entry. Enter a zero in cells you would otherwise leave blank. 1. Number of Days Past Due Customer Due Date Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail August 17 October 30 July 3 September 8 November 23 November 29 December 7 January 11 2., 3. Aging of Receivables Schedule December 31, 2047 Days Past Due Not Past Due Over 120 Customer Balance 1 - 30 31-60 61 - 90 91 - 120 $ $ 15,000 ABC Beauty Angel Wigs 15,000 8,000 $ 8.000 3.000 $ 210,000 $ 415,000 $ 112,000 $ 55,000 $ 18,000 $ 65,000 Zodiac Beauty Subtotals Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail 3,000 $ 875,000 10,000 8,500 7,500 6,600 3.600 1.400 4.000 9,000 Pr. 8-2B > dy 1 + 100% Customer Balance Due 1 - 30 31-60 61 - 90 91 - 120 120 $ $ 15,000 ABC Beauty Angel Wigs 15,000 8.000 $ 8,000 3,000 $ 210.000 $ 415,000 $ 112,000 $ 55,000 $ 18.000 $ 65,000 Zodiac Beauty Subtotals Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair & Nail Totals Percent uncollectible Estimate of uncollectible accounts 3,000 $ 875,000 10,000 8,500 7,500 6,600 3,600 1,400 4.000 9.000 $ 925,600 On the balance sheet, the omission would cause: assets to be by retained earnings to be by On the income statement, the omission would cause: expenses to be by net income to be by Pr. 8-2B 1 + 100% O fi Links W 5 G CO x] Desktop 76F Clear A dy) 10:30 PM 11/11/2021
