ACC 213 Assignment: Lab #6 for Chapter 7					Name
Instructions: Fill in the yellow cells, using formulas/cell references wherever possible
The terms are net 30 days.
Balance of A/R on 12/31/2019									$55,400	debit
Balance of Allowance for Doubtful Accounts on 12/31/2019 BEFORE adjusting the books									$700	credit
A)	Net Realizable Value of Accounts Receivable BEFORE adjusting the books
subsidiary ledger
A. Abel						F. Fierman
		dr	cr	balance				dr	cr	balance
12/14/19	purchase	8600		8600		10/5/19	purchase	2200		2200
12/27/19	paid		2400	6200		11/20/19	purchase	2800		5000
						12/20/19	purchase	1500		6500
B. Barber
		dr	cr	balance		G. Gaylord
11/15/19	purchase	4200		4200				dr	cr	balance
12/5/19	purchase	3800		8000		9/22/19	purchase	800		800
						11/22/19	purchase	5,900		6700
C. Curran
		dr	cr	balance
12/2/19	purchase	4500		4500		H. Harris
								dr	cr	balance
D. Dapper						12/29/19	purchase	5,500		5,500
		dr	cr	balance
5/10/19	purchase	2100		2100		I. Ireland
								dr	cr	balance
E. Elmore						8/15/19	purchase	1600		1600
		dr	cr	balance		9/2/19	purchase	8,000		9600
11/22/19	purchase	2700		2700		J. Jones
12/3/19	purchase	1000		3700				dr	cr	balance
						10/11/19	purchase	1600		1600
						11/28/19	purchase	1000		2600
			LGH Company
			Accounts Receivable Aging Schedule
			12/31/19
					Number of Days Past Due
Customer		Total Balance		Current	1 - 30	31-60	61-90	Over 90
A. Abel		$ 6,200
B. Barber		8,000
C. Curran		4,500
D. Dapper		2,100
E. Elmore		3,700
F. Fierman		6,500
G. Gaylord		6,700
H. Harris		5,500
I. Ireland		9,600
J. Jones		2,600
Total Accts. Receivable		$ 55,400							Make sure that the total of the receivables
									on your aging schedule is equal to the total Accounts Receivable!
B)Calculate the Balance Required in the Allowance for Doubful Accounts --
	LGH uses the Aging of Receivables Method
					% Likely		Required
Number of Days Past Due			A/R Amount		Uncollectible		Allowance Balance
0					1%
1 - 30					5%
31-60					10%
61-90					25%
Over 90					40%
		Total
C) Adjusting Entry
				Account Title(s)			Debit	Credit