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, 20Y7:     Not Days Past Due     Past           Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 ABC Beauty 20,100   20,100                       Angel Wigs 7,800           7,800                 Zodiac Beauty 4,300       4,300                   Subtotals 1,325,700   746,000   298,800   129,500   43,700   22,700   85,000   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   Aug. 17 $5,300   Creative Images   Oct. 30 4,600   Excel Hair Products   July 3 8,300   First Class Hair Care   Sept. 8 6,600   Golden Images   Nov. 23 3,500   Oh That Hair   Nov. 29 1,900   One Stop Hair Designs   Dec. 7 6,500   Visions Hair & Nail   Jan. 11 4,900   Wig Creations has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not past due 1 % 1-30 days past due 3   31-60 days past due 8   61-90 days past due 32   91-120 days past due 42   Over 120 days past due 84   1.  Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. Customer Due Date Number of Days Past Due Arcade Beauty Aug. 17 fill in the blank 910f5cf3605d011_1 days Creative Images Oct. 30 fill in the blank 910f5cf3605d011_2 days Excel Hair Products July 3 fill in the blank 910f5cf3605d011_3 days First Class Hair Care Sept. 8 fill in the blank 910f5cf3605d011_4 days Golden Images Nov. 23 fill in the blank 910f5cf3605d011_5 days Oh That Hair Nov. 29 fill in the blank 910f5cf3605d011_6 days One Stop Hair Designs Dec. 7 fill in the blank 910f5cf3605d011_7 days Visions Hair & Nail Jan. 11 fill in the blank 910f5cf3605d011_8 days 2.  Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank. (Image 1) 2nd image has other questions

Maple Leafs Construction has the following data for the year ended December 31, Year 1: Accounts receivable (January 1, Year 1) $455,000 Credit sales 900,000 Collections from credit customers 825,000 Customer accounts written off as uncollected 15,000 Allowance for doubtful accounts (after write-off of uncollected accounts) 2,100 Estimated uncollected accounts based on an aging 29,200 analysis (December 31, Year 1) Refer to Maple Leafs Construction. What is the balance of accounts receivable at December 31, Year 1? O $455,000 O $511,900 O $515,000 O $440,000

Triple Tier Bakery is a locally-owned business offering custom cakes, cupcakes, desserts and wedding cakes. At year end, Triple Tier's balance of Allowance for Uncollectible Accounts is $530 (credit before adjustment. The Accounts Receivable balance is $21,500, During the next year, Triple Tier estimates that 15% of accounts will be uncollectible. Record the adjustment required for Allowance for Uncollectible Accounts? (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry for Allowance for Uncollectible Accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal

Bolton sold a customer service contract with a price of $37,000 to Sammy's Wholesale Company. Bolton offered terms of 1/10, n/30 and uses the gross method. Required:     Hide     Prepare the journal entry assuming the payment is made after 10 days (after the discount period).               Account and Explanation Debit Credit                   Record collection of accounts receivable

The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31:   1 A B C D E F G 2       Days Past Due Days Past Due Days Past Due Days Past Due 3 Customer Balance Not Past Due 1-30 31-60 61-90 Over 90 4 Acme Industries Inc. 3,000.00 3,000.00         5 Alliance Company 4,600.00   4,600.00       6 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 7 Zollinger Company 4,900.00     4,900.00     8 Subtotals 1,052,200.00 602,500.00 219,400.00 114,100.00 85,800.00 30,400.00       The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Customer Balance Due Date Boyd Industries $44,000 April 7 Hodges Company 21,200 May 29 Kent Creek Inc. 7,300 June 8 Lockwood…

At the end of the first year of operations, mayberry advertising had accounts receivable of $21100. Management of the company estimates that 8% of the accounts will not be collected What adjutment would mayberry advertising record to established allowance for uncollectible accounts Do the journal entry worksheet

Quantum Solutions Company, a computer consulting firm, has decided to write off the $33,550 balance of an account owed by a customer, Alliance Inc. Required:   On March 1, journalize the entry to record the write-off, assuming that (a) the direct write-off method is used and (b) the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Quantum Solutions Company General Ledger   ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Alliance Inc. 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215…

Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19. Sold merchandise on account to Dr. Sinclair Welby, $38,700. The cost of the merchandise sold was $20,900. July 7. Received $8,100 from Dr. Sinclair Welby and wrote off the remainder owed on the sale of January 19 as uncollectible. Nov. 2. Reinstated the account of Dr. Sinclair Welby that had been written off on July 7 and received $30,600 cash in full payment. If an amount box does not require an entry, leave it blank. Jan. 19-sale   - Select - - Select -     - Select - - Select - Jan. 19-cost   - Select - - Select -     - Select - - Select - July 7   - Select - - Select -     - Select - - Select -     - Select - - Select - Nov. 2-reinstate   - Select - - Select -     - Select - - Select - Nov. 2-collection   - Select - - Select -…

Ainsley Emporium sells gift cards to customers. In December, customers purchased $10,000 of gift cards. During December, the gift card recipients used gift cards to purchase $3,000 of goods. Prepare Ainsley’s entry for (1) the sale of the gift cards and (2) the year-end adjusting entry. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit             (To record cash received for goods to be provided at a later date)                 (To record the sale of merchandise using a gift card)

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