Question

The accounts receivable clerk for Summit Industries prepared the following partially shown aging of receivables schedule as at the end of business on November 30:
Summit Industries has a past history of uncollectible accounts, as shown below. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule.
Age Class
Not past due ............1%
1–30 days past due .........6
31–60 days past due ........20
61–90 days past due ........35
Over 90 days past due ........50


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  • CreatedSeptember 15, 2015
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