Need help with all of these please!! Griswold\'s began operations in January, se
ID: 2511785 • Letter: N
Question
Need help with all of these please!!
Griswold's began operations in January, 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 $11,000; the cost of these goods to Griswold's was $3,900 Received payment in full from Walgreens. Sold merchandise to Bravis Pharmaco on account for $2,100; the cost of these goods to Griswold's was $950 Sold merchandise to Tony's Pharmacy on account for $7,100. The cost to Griswold's was S3,950 Sold merchandise to Anjuli Stores on account for S1,100; the cost to Griswold's was $750 Received S$6,050 on account from Tony's Pharmacy. January 1 February 12 March 1 April 1 May 1 June 17 Required 1. Complete the following aged listing of customer accounts at June 30 Unpaid Since May June April March ustomer Total Balance Greater than (One Month) (Two Months) (Three Months) Three Months) 1,100 1,100 Anjuli Stores Bravis Pharmaco Tony's Pharmacy Walgreens Total 2,100 2,100 2. Estimate the Allowance for Doubtful Accounts required at June 30 assuming the following uncollectible rates: one month, 2 percent; two months, 6 percent; three months, 20 percent; more than three months, 35 percent. Estimated Uncollectible One Month Two Months Three Months More than Three Months Total 0Explanation / Answer
total june may April march 1) balance 1 month 2 months 3 months >3 Customer Anjuli stores 1,100 1,100 Bravis pharmaco 2,100 2,100 tony's pharmacy 1,050 1050 walgreens 0 total 4,250 1,100 1050 2100 2) Estimated uncollectibles one month 0 two month (1100*6%) 66 three months (1050*20%) 210 more than three months (2100*35%) 735 total 1011 3-a) Balance sheet account receivable 4,250 allowance for doubtful assets -1011 Net receivable 3,239 3-b) Sales (11000+2100+7100+1100)= 21300 less:COGS (3900+950+3950+750)= 9550 Gross profit 11750 less:Bad debts expense 1,011 net income 10,739