Entries forBad Debt Expenseunder theDirect Write-OffandAllowance Methods

Casebolt Company wrote off the followingaccounts receivableas uncollectible for the first year of its operations ending December 31:

Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 3,100 3,100 Ascent Company .,700 4,700 Zoot Company 10,000 10,000 Subtotal 838,000 506,200 184,400 30,400 41,900 25,100 the following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $11,700 July 10 Keystone Company 8,400 September 20 Moxie Creek Inc. 16,800 October 17 Rainbow Company 10,100 November 3 Swanson Company 2,600 December 21 a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0. Customer Due Date Number of Days Past Due Conover Industries July 10 days Keystone Company September 20 days Moxie Creek Inc October 17 days Rainbow Company November 3 days Swanson Company December 21 days b. Complete the aging-of-receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank. Kirchhoff Industries Aging of Receivables Schedule November 30 Customer Balance Not Past Days Past Days Past Days Past Days Past Due Due 1-30 Due 31-60 Due 61-90 Due Over 90 Academy Industries Inc. 3,100 3,100 Ascent Company 4,700 4,700 Zoot Company 10,000 10,000 Subtotals 838,000 506,200 184,400 30,400 41,900 25,100 Conover Industries Keystone Company Moxie Creek Inc. Rainbow Company Swanson Company Totals