Okay Optical, Inc., (OOI) began operations in January 2013,
selling inexpensive sunglasses to large retailers like
Walgreens and other smaller stores. Assume the following
transactions occurred during its first six months of
Sold merchandise to Walgreens for $23,000; the cost of these
goods to OOI was $14,700.
Received payment in full from Walgreens.
Sold merchandise to Bravis Pharmaco on account for $3,300; the
cost of these goods to OOI was $1,550.
Sold merchandise to TonyAc??cs Pharmacy on account for $8,300. The
cost to OOI was $4,550.
Sold merchandise to Anjuli Stores on account for $2,300; the
cost to OOI was $1,350.
Received $6,650 on account from TonyAc??cs Pharmacy.
Complete the following aged listing of customer accounts at June
|Customer||Total Balance||June (1 month)||May (2 months)||April (3 months)||Greater Than 3 Months|
Estimate the Allowance for Doubtful Accounts required at June
30, 2013, assuming the following uncollectible rates: one month, 1
percent; two months, 5 percent; three months, 20 percent; more than
three months, 40 percent.
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