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Miller Wigs Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Miller Wigs prepared the following partially completed aging-of-receivables schedule as of the end of business on December 31, 2007:
Customer
Balance
Not Past Due
Days Past Due
1-30
31-60
61-90
91-120
Over 120
Daytime Beauty
$20,000
The following accounts were unintentionally omitted from the aging schedule:
Due Date
Houseal Uniquely Yours
July 1, 2007
$ 900
Country Designs
Aug. 2, 2007
4,000
Treat's
Sept. 9, 2007
1,200
Molina's Beauty Store
Sept. 29, 2007
1,100
Ginburg Supreme
Oct. 10, 2007
1,500
Steve's Hair Products
Oct. 17, 2007
600
Hairy's Hair Care
Oct. 31, 2007
2,000
VanDiver's Images
Nov. 18, 2007
700
Lopez Hair Styling
Nov. 28, 2007
1,800
Josset Ritz
Nov. 30, 2007
3,500
Cool Designs
Dec. 1, 2007
1,000
Buttram Images
Jan. 3, 2008
6,200
Miller Wigs has a past history of uncollectible accounts by age category, as follows:
Age Class
Percentage Uncollectible
Not past due
2%
1-30 days past due
4
31-60 days past due
10
61-90 days past due
15
91-120 days past due
35
Over 120 days past due
80
Instructions
1. Determine the number of days past due for each of the preceding accounts.
2. Complete the aging-of-receivables schedule.
3. Estimate the allowance for doubtful accounts, based on the aging-of-receivables schedule.
4. Assume that the allowance for doubtful accounts for Miller Wigs has a credit balance of $11,350 before adjustment on December 31, 2007. Illustrate the effect on the accounts and financial statements of the adjustment for uncollectible accounts.
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