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Category > Accounting Posted 06 Aug 2017 My Price 11.00

Capri Wigs Company

Aging of Receivables; Estimating Allowance for Doubtful Accounts

Capri Wigs Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Capri Wigs prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2013:

    Days Past Due
Balance Not Past Due 1-30 31-60 61-90 91-120 over 120
697,600 387,300 167,400 76,700 25,800 23,000 17,400

The following accounts were unintentionally omitted from the aging schedule:

Customer Due Date Balance
Shining Beauty   May 28, 2013 3,100  
Paradise Beauty Store   Sept. 7, 2013 6,500  
Amazing Hair Products   Oct. 17, 2013 900  
Hairy's Hair Care   Oct. 24, 2013 2,100  
Golden Images   Nov. 23, 2013 700  
Oh The Hair   Nov. 29, 2013 3,700  
All About Hair   Dec. 2, 2013 2,400  
Lasting Images   Jan. 5, 2014 7,900  

Capri Wigs 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 12  
61-90 days past due 18  
91-120 days past due 40  
Over 120 days past due 75  

Required:

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
Shining Beauty May 28, 2013 days
Paradise Beauty Store Sept. 7, 2013 days
Amazing Hair Products Oct. 17, 2013 days
Hairy's Hair Care Oct. 24, 2013 days
Golden Images Nov. 23, 2013 days
Oh The Hair Nov. 29, 2013 days
All About Hair Dec. 2, 2013 days
Lasting Images Jan. 5, 2014 days

 

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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.


Capri Wigs Company
Aging of Receivables Schedule
December 31, 2013
Customer
 
Balance
 
Not Past Due
 
Days Past Due 1-30
 
Days Past Due 31-60
 
Days Past Due 61-90
 
Days Past Due 91-120
 
Days Past Due Over 120
Subtotals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shining Beauty
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Paradise Beauty Store
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Amazing Hair Products
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hairy's Hair Care
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Golden Images
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Oh The Hair
 
 
 
 
 
 
 
 
 
 
 
 
 
 
All About Hair
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lasting Images
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Totals
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percent uncollectible (%)
 
 
 
1 %
 
3 %
 
12 %
 
18 %
 
40 %
 
75 %
Estimate of uncollectible accounts
 
$
 
$
 
$
 
$
 
$
 
$
 
$

 

3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule.
$

 

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4. Assume that the allowance for doubtful accounts for Capri Wigs has a credit balance of $1,870 before adjustment on December 31, 2013. Journalize the adjustment for uncollectible accounts.

 

 
 
       
 
 
 
 
 
 
 
 
       

Answers

Maurice Tutor
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Status NEW Posted 06 Aug 2017 12:08 AM My Price 11.00

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