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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.$3,300$3,300    
Account Co.$4,400 $4,400   
.....................
ZZZ Corp.$4,900  $4900  
Subtotals$825,600$504,200$173,300$79,000$44,000$25,100

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

CustomerBalanceDue DateDays Past Due
Buffalo-B Inc.$11,600July 14
Doodle-Do Co.$7,300Sept. 15
Le'Veon Corp.$16,300Oct. 2
Vinny Industries$10,200Nov. 15
We-Win Company$23,200Dec. 8 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. $3,300 $3,300
Account Co. $4,400 $4,400
... ... ... ... ... ... ...
ZZZ Corp. $4,900 $4900
Subtotals $825,600 $504,200 $173,300 $79,000 $44,000 $25,100
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