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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

		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

Wig Creations Company
Aging of Receivables Schedule
December 31, 20Y7
Not Past
Days Past
Days Past
Days Past
Days Past
Days Past
Balance
Due
Due 1-30
Due 31-60
Due 61-90
Due 91-120
Due Over 120
Customer
АВС Веauty
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
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 $

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.