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Question 1

The accounts receivable clerk for Maria Enterprises prepared the following partially completed aging of receivables schedule as of the end of business on November 30:

Days Past Due
CustomerBalanceNot Past Due1-3031-6061-90Over 90
Abbott Inc.$2,700$2,700    
Account Co.$5,000 $5,000   
.....................
ZZZ Corp.$5,300  $5300  
Subtotals$811,500$490,400$170,900$80,800$45,300$24,100

The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above.

CustomerBalanceDue DateDays Past Due
Buffalo-B Inc.$12,000July 10
Doodle-Do Co.$7,400Sept. 12
Le'Veon Corp.$16,600Oct. 24
Vinny Industries$9,500Nov. 14
We-Win Company$22,600Dec. 10 Not Past Due

Determine the number of days past due for each account and complete the aging of receivables by adding the omitted accounts.

Days Past Due
CustomerBalanceNot Past Due1-3031-6061-90Over 90
Abbott Inc. $2,700 $2,700
Account Co. $5,000 $5,000
... ... ... ... ... ... ...
ZZZ Corp. $5,300 $5300
Subtotals $811,500 $490,400 $170,900 $80,800 $45,300 $24,100
Buffalo-B Inc.
Doodle-Do Co.
Le'Veon Corp.
Vinny Industries
We-Win Company
TOTALS


Question 2

Maria Enterprises has a past history of uncollectible accounts.

Estimate the allowance for doubtful accounts based on the aging of receivables below.

Age Class % Uncollectible
Not past due 1%
1 – 30 days past due 4%
31 – 60 days past due 15%
61 – 90 days past due 35%
Over 90 days past due  60%

Days Past Due
CustomerBalanceNot Past Due1-3031-6061-90Over 90
Total receivables
Percent Uncollectible
Allowance for Doubtful Accounts