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 operations.
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 30
|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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