Lui Dental began operations in January 2017 selling dental appliances to dentists. The following transactions occurred during the first six months of operations: Jan 15 Sold appliances to Dr. Hall on account for $15,750; cost $6,400 Feb 22 Received payment in full from Dr. Hall Mar 4 Sold merchandise to Dr. Evans on account for $4,400; cost $1,250 Apr 20 Sold merchandise to Dr. Murray on account for $6,700; cost $2,990 May 31 Sold merchandise to Dr. Kim on account for $3,200; cost $1,100 Jun 28 Received $3,000 on account from Dr. Evans Required: Complete the following aged listing of customer accounts as of June 30, 2017: AGE OF ACCOUNTS RECEIVABLE Customer 0–30 DAYS 31–60 DAYS 61–90 DAYS OVER 90 DAYS TOTAL RECEIVABLES Dr. Evans Dr. Hall Dr. Kim Dr. Murray Estimate the Allowance for Doubtful Accounts required at June 30, 2017, assuming the following uncollectible rates: 30 days = 2%; 60 days = 5%; 90 days = 15%; > 90 days = 50%.
Lui Dental began operations in January 2017 selling dental appliances to dentists. The following transactions occurred during the first six months of operations: Jan 15 Sold appliances to Dr. Hall on account for $15,750; cost $6,400 Feb 22 Received payment in full from Dr. Hall Mar 4 Sold merchandise to Dr. Evans on account for $4,400; cost $1,250 Apr 20 Sold merchandise to Dr. Murray on account for $6,700; cost $2,990 May 31 Sold merchandise to Dr. Kim on account for $3,200; cost $1,100 Jun 28 Received $3,000 on account from Dr. Evans Required: Complete the following aged listing of customer accounts as of June 30, 2017: AGE OF ACCOUNTS RECEIVABLE Customer 0–30 DAYS 31–60 DAYS 61–90 DAYS OVER 90 DAYS TOTAL RECEIVABLES Dr. Evans Dr. Hall Dr. Kim Dr. Murray Estimate the Allowance for Doubtful Accounts required at June 30, 2017, assuming the following uncollectible rates: 30 days = 2%; 60 days = 5%; 90 days = 15%; > 90 days = 50%.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Lui Dental began operations in January 2017 selling dental appliances to dentists. The following transactions occurred during the first six months of operations:
Jan 15 Sold appliances to Dr. Hall on account for $15,750; cost $6,400
Feb 22 Received payment in full from Dr. Hall
Mar 4 Sold merchandise to Dr. Evans on account for $4,400; cost $1,250
Apr 20 Sold merchandise to Dr. Murray on account for $6,700; cost $2,990
May 31 Sold merchandise to Dr. Kim on account for $3,200; cost $1,100
Jun 28 Received $3,000 on account from Dr. Evans
Required:
Complete the following aged listing of customer accounts as of June 30, 2017:
AGE OF ACCOUNTS RECEIVABLE
Customer
0–30 DAYS
31–60 DAYS
61–90 DAYS
OVER
90 DAYS
TOTAL RECEIVABLES
Dr. Evans
Dr. Hall
Dr. Kim
Dr. Murray
Estimate the Allowance for Doubtful Accounts required at June 30, 2017, assuming the following uncollectible rates: 30 days = 2%; 60 days = 5%; 90 days = 15%; > 90 days = 50%.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 2 images
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education