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Griswold's, Inc., 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 $29.000; the cost of these goods to Do was $20,100 February 12 Received payment in full fron Walgreens March 1 Sold merchandise to travis Pharmaco on account for $3.900: the cost of these goods te oor was $1.850 April 1 Sold merchandise to Tony's Pharmacy on account for $8.900. The cost to OOT was $4,85e. May 1 Sold merchandise to An Jull Stores on account for $2.900, the cost to OT was $1,650. June 17 Received $6,95e on account from Tony's Pharmacy. 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 Griswold's would report its accounts receivable 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 this question by entering your answers in the tabs below. Regi Reg2 Red Red 30 Complete the following aged listing of customer accounts at June 30. Unpaid Since April March Customer T otal Balance One Month (Two Months (Three Months) The Months May 52.00. Cost to UU was $1.650. zure & Received $6,95 on account from Tony's Pharmacy. 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 Griswold's would report its accounts receivable 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 302 Complete this question by entering your answers in the tabs below. Rua I Rey J Reg38 Estimate the Allowance for Doubtful Accounts required at June 30 asuming the following uncollectible rates: one month. 1 percent two months, 5 percent three months, 20 percent more than three months 40 percent Estimated Uncollectible TWO 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 Griswold's would report its accounts receivable 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 302 Complete this question by entering your answers in the tabs below. Rea 1 Req2 RE Show how Griswold's Inc. would resort its accounts receivable on its June 30 balance sheet GRISWOLD'S. INC Balance Sheet (partial) At June 30 Aleph Recev Nero war C8-1 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] Griswold's, Inc., 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 $29,eee: the cost of these goods to O0I was $20,100 February 12 Received payment in full from Walgreens. March 1 Sold merchandise to Dravis Pharmace on account for $3,900; the cost of these goods to Oor was $1,850. April 1 Sold merchandise to Tony's Pharmacy on account for $8,900. The cost to 001 was $4,85e. May 1 Sold merchandise to An Jull Stores on account for $2,900: the cost to 001 was $1,650. June 17 Received $6,95 on account from Tony's Pharmacy. 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 Griswold's would report its accounts recevable 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 302 Complete this question by entering your answers in the tabs below. Rey 1 Reg 2 Red 3A What amounts would be reported on an income statement prepared for the month period ended June 307 GRISWOLD'S, INC Income Statement (partial For the Six Months Ended June 30
