C8-1 Recording and Reporting Credit Sales and Bad Debts Using the Aging of Accounts Receivable Method (Chapters 6 and 8 0 66.10831 Okay Optical, Inc. (O0l) began operations in January, selling inexpensive sunglasses to large retailers lke Walgreens and other smaller stores. Assume the following transactions occurred during its first six months January 1 Sold merchandise to Walgreens for $20,000, the cost of these goods to OOl was $12.000 February 12 Received payment in full from Walgreens March 1 Sold merchandise to Bravis Pharmaco on account for $3,000 the cost of these goods to April 1 May 1 June 17 OOl was $1,400 Sold merchandise to Tony’s Phamacy on account for $8,000. The cost to OOl was $4,400 Sold merchandise to Anjuli Stores on account for $2,000; the cost to OOl was $1,200 Received $8,500 on acount from Tony’s Pharmacy Required: 1. Complete the following aged listing of customer accounts at June 30 May Apri March Customer Total Balance (One Month) (Three Months) Greater than (Two Months) Arjuli Stores Bravis Pharmaco Tony’s Phamacy 1 2,000 3,000 2. Estimate the Allowanoe for Doubtful Accounts required at June 30 assuming the following uncolectible rates one month, 1 percent, two months, 5 percent, three months, 20 percent, more than three months, 40 percent O Type here to search


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