Question: The accounts receivable clerk for Summit Industries prepared the following

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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