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Blooms Company: Account Number

1) The document shows the accounts receivable aging schedule of Blooms Company as of December 31, 2010. It shows balances of accounts in different aging categories like current, 1-60 days overdue, 61-120 days overdue, and over 120 days overdue. 2) It also shows adjustments made to reclassify accounts with credit balances and notes included in accounts receivable. 3) The required percentage allowance is calculated for each aging category based on the company's policy of 1% for current, 2% for 1-60 days overdue, 5% for 61-120 days overdue, and 50% for over 120 days overdue.

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Glenn Domingo
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61 views9 pages

Blooms Company: Account Number

1) The document shows the accounts receivable aging schedule of Blooms Company as of December 31, 2010. It shows balances of accounts in different aging categories like current, 1-60 days overdue, 61-120 days overdue, and over 120 days overdue. 2) It also shows adjustments made to reclassify accounts with credit balances and notes included in accounts receivable. 3) The required percentage allowance is calculated for each aging category based on the company's policy of 1% for current, 2% for 1-60 days overdue, 5% for 61-120 days overdue, and 50% for over 120 days overdue.

Uploaded by

Glenn Domingo
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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ACCOUNT NUMBER No. 1 No. 2 No. 3 No. 4 No. 5 No.

6 BALANCE PER BOOKS ADD(DEDUCT) ADJUSTMENTS: 1) To reclassify account with credit balance - account no. 3 2) To reclassify the notes included in accounts receivable subsidiary ledger - account no. 3 BALANCE AS ADJUSTED
PERCENTAGE REQUIRED ALLOWANCE

DATE

PARTICULARS

DEC. 31 Accounts Receivable Interest Income To adjust A/R for credit balance for interest on note. / Notes Receivable Accounts Receivable To adjust A/R account for note included I its balance. I nterest Receivable ( 100,000 X 6% X 1/12) Interest Income To recognize income for interest accrued on note Uncollectible Accounts Expense (7187.80-5000) Allowance for Uncollectible Accounts To recognize provision for uncollectible accounts

BLOOMS COMPANY
ACCOUNTS RECEIVABLE AGING SCHEDULE December 31, 2010 BALANCE Debit(Credit) CURRENT AGING DISTRIBUTION PAST DUE 1-60 OVER 61-120 OVER

12,000 22,000 (2,400) 100,000 20,000 55,000 7,500 214,100 2,400 (100,000) 116,500
7,187.80

3,000 22,000

8,000

1,000

10,000 2,220 27,220 52,780 7,500 68,280

11,000

27,220
1% 272.20

68,280
2% 1,365.60

11,000
5% 550.00

DEBIT 2,400.00

CREDIT 2,400.00

100,000.00 100,000.00

500.00 500.00

2,187.80 2,187.80

MPANY

GING SCHEDULE 2010

N DUE OVER 120

10,000

10,000

10,000
50% 5,000.00

DISPOSITIONS/REMARKS
balance for July 7 - P1000 (115 days over due), Sept. 25 - P8000 (37 days over due), Dec. 10 - P3000 (not due) balance for Dec. 10 - 22000 (not due) not included. Interest income for note not included. Accounts receivable are not supported by promissory notes balance for Feb. 3 - P10000 ( 271 days over due), Aug. 3 - P10000 ( 90 days over due) balance for Nov. 25 - P2220 (not due), Sept. 6 - P52780 (56 days overdue) balance for Sept. 30 - P7500 (32 days over due)

P3000 (not due)

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