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, 20Y1: Days Past Due Balance Not Past Due 1-30 31-60 61-90 91-120 over 120 798,100 443,000 191,500 87,800 29,500 26,300 20,000 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Arcade Beauty May 28, 20Y1 $3,200 Creative Images Sept. 7, 20Y1 6,700 Excel Hair Products Oct. 17, 20Y1 900 First Class Hair Care Oct. 24, 20Y1 2,200 Golden Images Nov. 23, 20Y1 700 Oh The Hair Nov. 29, 20Y1 3,900 One Stop Hair Designs Dec. 2, 20Y1 2,500 Visions Hair and Nail Jan. 5, 20Y2 8,200 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 10 61-90 days past due 15 91-120 days past due 35 Over 120 days past due 85 Required: Question Content Area 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 May 28, 20Y1 fill in the blank d3bdd80a204707d_1 days Creative Images Sept. 7, 20Y1 fill in the blank d3bdd80a204707d_2 days Excel Hair Products Oct. 17, 20Y1 fill in the blank d3bdd80a204707d_3 days First Class Hair Care Oct. 24, 20Y1 fill in the blank d3bdd80a204707d_4 days Golden Images Nov. 23, 20Y1 fill in the blank d3bdd80a204707d_5 days Oh The Hair Nov. 29, 20Y1 fill in the blank d3bdd80a204707d_6 days One Stop Hair Designs Dec. 2, 20Y1 fill in the blank d3bdd80a204707d_7 days Visions Hair and Nail Jan. 5, 20Y2 fill in the blank d3bdd80a204707d_8 days Question Content Area 2. Complete the aging of the 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. Wig Creations CompanyAging of Receivables ScheduleDecember 31, 20Y1 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 fill in the blank 2fe28afaeff8fce_6 fill in the blank 2fe28afaeff8fce_7 Arcade Beauty fill in the blank 2fe28afaeff8fce_13 fill in the blank 2fe28afaeff8fce_14 Creative Images fill in the blank 2fe28afaeff8fce_20 fill in the blank 2fe28afaeff8fce_21 Excel Hair Products fill in the blank 2fe28afaeff8fce_26 fill in the blank 2fe28afaeff8fce_27 fill in the blank 2fe28afaeff8fce_28 First Class Hair Care fill in the blank 2fe28afaeff8fce_33 fill in the blank 2fe28afaeff8fce_34 fill in the blank 2fe28afaeff8fce_35 Golden Images fill in the blank 2fe28afaeff8fce_40 fill in the blank 2fe28afaeff8fce_41 fill in the blank 2fe28afaeff8fce_42 Oh The Hair One Stop Hair Designs Visions Hair and Nail Totals Percent uncollectible (%) blank 1% 3% 10% 15% 35% 85% Estimate of uncollectible accounts $fill in the blank 2fe28afaeff8fce_71 $fill in the blank 2fe28afaeff8fce_72 $fill in the blank 2fe28afaeff8fce_73 $fill in the blank 2fe28afaeff8fce_74 $fill in the blank 2fe28afaeff8fce_75 $fill in the blank 2fe28afaeff8fce_76 $fill in the blank 2fe28afaeff8fce_77

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, 20Y1: Days Past Due Balance Not Past Due 1-30 31-60 61-90 91-120 over 120 798,100 443,000 191,500 87,800 29,500 26,300 20,000 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Arcade Beauty May 28, 20Y1 $3,200 Creative Images Sept. 7, 20Y1 6,700 Excel Hair Products Oct. 17, 20Y1 900 First Class Hair Care Oct. 24, 20Y1 2,200 Golden Images Nov. 23, 20Y1 700 Oh The Hair Nov. 29, 20Y1 3,900 One Stop Hair Designs Dec. 2, 20Y1 2,500 Visions Hair and Nail Jan. 5, 20Y2 8,200 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 10 61-90 days past due 15 91-120 days past due 35 Over 120 days past due 85 Required: Question Content Area 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 May 28, 20Y1 fill in the blank d3bdd80a204707d_1 days Creative Images Sept. 7, 20Y1 fill in the blank d3bdd80a204707d_2 days Excel Hair Products Oct. 17, 20Y1 fill in the blank d3bdd80a204707d_3 days First Class Hair Care Oct. 24, 20Y1 fill in the blank d3bdd80a204707d_4 days Golden Images Nov. 23, 20Y1 fill in the blank d3bdd80a204707d_5 days Oh The Hair Nov. 29, 20Y1 fill in the blank d3bdd80a204707d_6 days One Stop Hair Designs Dec. 2, 20Y1 fill in the blank d3bdd80a204707d_7 days Visions Hair and Nail Jan. 5, 20Y2 fill in the blank d3bdd80a204707d_8 days Question Content Area 2. Complete the aging of the 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. Wig Creations CompanyAging of Receivables ScheduleDecember 31, 20Y1 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 fill in the blank 2fe28afaeff8fce_6 fill in the blank 2fe28afaeff8fce_7 Arcade Beauty fill in the blank 2fe28afaeff8fce_13 fill in the blank 2fe28afaeff8fce_14 Creative Images fill in the blank 2fe28afaeff8fce_20 fill in the blank 2fe28afaeff8fce_21 Excel Hair Products fill in the blank 2fe28afaeff8fce_26 fill in the blank 2fe28afaeff8fce_27 fill in the blank 2fe28afaeff8fce_28 First Class Hair Care fill in the blank 2fe28afaeff8fce_33 fill in the blank 2fe28afaeff8fce_34 fill in the blank 2fe28afaeff8fce_35 Golden Images fill in the blank 2fe28afaeff8fce_40 fill in the blank 2fe28afaeff8fce_41 fill in the blank 2fe28afaeff8fce_42 Oh The Hair One Stop Hair Designs Visions Hair and Nail Totals Percent uncollectible (%) blank 1% 3% 10% 15% 35% 85% Estimate of uncollectible accounts $fill in the blank 2fe28afaeff8fce_71 $fill in the blank 2fe28afaeff8fce_72 $fill in the blank 2fe28afaeff8fce_73 $fill in the blank 2fe28afaeff8fce_74 $fill in the blank 2fe28afaeff8fce_75 $fill in the blank 2fe28afaeff8fce_76 $fill in the blank 2fe28afaeff8fce_77

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

		Days Past Due
Balance	Not Past Due	1-30	31-60	61-90	91-120	over 120
798,100	443,000	191,500	87,800	29,500	26,300	20,000

Customer	Balance
Arcade Beauty	May 28, 20Y1	$3,200
Creative Images	Sept. 7, 20Y1	6,700
Excel Hair Products	Oct. 17, 20Y1	900
First Class Hair Care	Oct. 24, 20Y1	2,200
Golden Images	Nov. 23, 20Y1	700
Oh The Hair	Nov. 29, 20Y1	3,900
One Stop Hair Designs	Dec. 2, 20Y1	2,500
Visions Hair and Nail	Jan. 5, 20Y2	8,200

Age Class	Percent Uncollectible
Not past due	1	%
1-30 days past due	3
31-60 days past due	10
61-90 days past due	15
91-120 days past due	35
Over 120 days past due	85

Question Content Area

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	May 28, 20Y1	fill in the blank d3bdd80a204707d_1 days
Creative Images	Sept. 7, 20Y1	fill in the blank d3bdd80a204707d_2 days
Excel Hair Products	Oct. 17, 20Y1	fill in the blank d3bdd80a204707d_3 days
First Class Hair Care	Oct. 24, 20Y1	fill in the blank d3bdd80a204707d_4 days
Golden Images	Nov. 23, 20Y1	fill in the blank d3bdd80a204707d_5 days
Oh The Hair	Nov. 29, 20Y1	fill in the blank d3bdd80a204707d_6 days
One Stop Hair Designs	Dec. 2, 20Y1	fill in the blank d3bdd80a204707d_7 days
Visions Hair and Nail	Jan. 5, 20Y2	fill in the blank d3bdd80a204707d_8 days

Question Content Area

2. Complete the aging of the 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.

Wig Creations CompanyAging of Receivables ScheduleDecember 31, 20Y1

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						fill in the blank 2fe28afaeff8fce_6	fill in the blank 2fe28afaeff8fce_7
Arcade Beauty						fill in the blank 2fe28afaeff8fce_13	fill in the blank 2fe28afaeff8fce_14
Creative Images						fill in the blank 2fe28afaeff8fce_20	fill in the blank 2fe28afaeff8fce_21
Excel Hair Products					fill in the blank 2fe28afaeff8fce_26	fill in the blank 2fe28afaeff8fce_27	fill in the blank 2fe28afaeff8fce_28
First Class Hair Care					fill in the blank 2fe28afaeff8fce_33	fill in the blank 2fe28afaeff8fce_34	fill in the blank 2fe28afaeff8fce_35
Golden Images					fill in the blank 2fe28afaeff8fce_40	fill in the blank 2fe28afaeff8fce_41	fill in the blank 2fe28afaeff8fce_42
Oh The Hair
One Stop Hair Designs
Visions Hair and Nail
Totals
Percent uncollectible (%)	blank	1%	3%	10%	15%	35%	85%
Estimate of uncollectible accounts	$fill in the blank 2fe28afaeff8fce_71	$fill in the blank 2fe28afaeff8fce_72	$fill in the blank 2fe28afaeff8fce_73	$fill in the blank 2fe28afaeff8fce_74	$fill in the blank 2fe28afaeff8fce_75	$fill in the blank 2fe28afaeff8fce_76	$fill in the blank 2fe28afaeff8fce_77

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps with 2 images

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.