Stardust Corporation

Accounts Receivable Aging Schedule

December 31, 2020

Aging Distribution
Accounts Past Due
Date of Balance Accounts Less than More than
Name of Customer Invoice Dr (Cr) Not Due 2 months 2 months

ABC Corporation Nov-25 846 846 ^

DEF Company Jul-29 98

Aug-06 280
378

GHI Incorporated Sep-14 214 214 ^

Oct-18 1,206 1,206 ^
1,420

JKL Trading Sep-20 29 29 ^

Oct-29 1,105 1,105 ^
Nov-30 904 904 ^
2,038

MNO Supply -

PQR Dealers Aug-02 147 147 ^

Aug-17 22 22 ^
169

STU Corp. Dec-31 5,000 5,000 ^

XYZ Co. Dec-10 - 100

Balance Per Ledger 9,751 √

Add (deduct) Adjustments:

AJE (1) To reclassify account
with credit balance 100
AJE (2) To writeoff account - 378
Net Adjustment - 278

Balance as adjusted ₱9,473 ₱6,750 ₱2,554 ₱169

Prepared by: Reviewed by: ^
Initital Date Initial Date √
No. 2 ₱9,473
No. 3
₱2,554 10% ₱255.40
₱169 30% ₱50.70
₱306.10
No. 4
AFDA
Bal/ledger 106
Add'l writeoff 378 ₱790.10 Provision for doubtful accounts
 ₱306.10 Required Ending Balance
No. 5 AR ₱9,473
AFDA ₱306.10
NRV/CA ₱9,166.90

No. 6
1 Accounts Receivable 100
Customer's Account w/ Credit Balance 100

2 Allowance for Doubtful Accounts 378

Accounts Receivable 378

3 Doubtful Accounts Expense 790.10

Allowance for Doubtful Accounts 790.10
 60 days & 91 to 120
GL under 61 to 90 days days
Unadjusted Bals 556,800.00 258,513.00 204,735.00 59,886.00
Adjustments:
1. Uncollectible accounts - 6,300.00
2. Advances on a sales contract 7,260.00 7,260.00
3. Write-off due to bankruptcy - 35,000.00 - 35,000.00
4. Sales return - 5,000.00 - 5,000.00
5. Write-off incorrectly credit to Bad debts expe - 4,110.00 - 4,110.00
Balances 513,650.00 253,513.00 176,995.00 55,776.00
6. Unrecorded Sales (difference between Gl & S 1,800.00 - - -
Adjusted Balances 515,450.00 253,513.00 176,995.00 55,776.00
Adjustments for purposes of estimating bad debts:
Subsequent Collections - 50,000.00
Balances for estimation of bad debts 203,513.00 176,995.00 55,776.00
times % of uncollectibility 1% 3% 6%
Total 17,983.04 2,035.13 5,309.85 3,346.56
Over 120 days
35,466.00 558,600.00 1,800.00

- 6,300.00

29,166.00 515,450.00 1,800.00

-
29,166.00 No. 1 515,450.00

No. 2 17,983.04
29,166.00
25% No. 3
7,291.50 BAD DEBTS EXPENSE
Bal/GL 23,820.00
Adj (5) 4,110.00
Adj (7) 22,338.04
50,268.04

Allowance for Doubtful Accounts

36,945.00
Adj (1) 6,300.00
Adj (3) 35,000.00
22,338.04
17,983.04

No. 4
Adj (5) 4,110.00
Adj (7) 22,338.04
Net Adj 26,448.04

No. 5
1 Allowance for Doubtful Accounts
Accounts Receivable

2 Accounts Receivable
Advances from Customers

3 Allowance for Doubtful Accounts

Accounts Receivable
 4 Sales Returns
Accounts Receivable

5 Bad Debts Expense

Accounts Receivable

6 Accounts Receivable
Sales

7 Bad Debts Expense

Allowance for Doubtful Accounts

No. 6 B - Allowance for Doubtful Accounts

 Bal/GL

Adj (7) - SQUEEZED

Required Ending Balance

6,300.00
nts Receivable 6,300.00

7,260.00
ces from Customers 7,260.00

35,000.00
nts Receivable 35,000.00
 5,000.00
nts Receivable 5,000.00

4,110.00
nts Receivable 4,110.00

1,800.00
1,800.00

22,338.04
nce for Doubtful Accounts 22,338.04
 Subsidiary
General ledgers Ledgers Current 31-60 days
Balances 12,722,100.00 5,635,700.00 4,067,320.00 402,440.00
Adjustments:
(1) Undelivered Sales - 2,732,900.00
(2) Goods out on consignment - 3,260,700.00
(3) Collections - 1,092,800.00
(4) Write-offs - 790,450.00 - 790,450.00
Adjusted Balances 4,845,250.00 4,845,250.00 4,067,320.00 402,440.00

Estimated bad debts:

Multiply by % of Uncollectibility 2% 5%
Amount 160,651.40 81,346.40 20,122.00

Based on review of collectibility for each account 568,000.00

 91 days and
61-90 days over
267,320.00 898,620.00 No. 1 4,845,250.00

No. 2 568,000.00

- 790,450.00 No. 3 BAD DEBTS EXPENSE

267,320.00 108,170.00 Bal/GL 3,425,625.00
Adj (5) 1,077,195.00

10% 30% 4,502,820.00

26,732.00 32,451.00 OPTION 1
Allowance for Doubtful Accounts
OPTION 2 HIGHER
Adj (4) 790,450.00

No. 4 Accounts Receivable

Allowance for Doubtful Accounts
NRV/CA

No. 5
1 Sales

2 Sales

3 Cash

4 Allowance for Doubtful Accounts

5 Bad debt Expense

 BAD DEBTS EXPENSE

lowance for Doubtful Accounts

281,255.00 Bal/GL

1,077,195.00 Adj (5) - SQUEEZED

568,000.00 Required Ending Balance

4,845,250.00
568,000.00
4,277,250.00

2,732,900.00
Accounts Receivable 2,732,900.00

3,260,700.00
Accounts Receivable 3,260,700.00

1,092,800.00
Accounts Receivable 1,092,800.00

wance for Doubtful Accounts 790,450.00

Accounts Receivable 790,450.00

debt Expense 1,077,195.00

Allowance for Doubtful Accounts 1,077,195.00
No. 1
Notes Receivable 21,600.00 *
Accounts Receivable 31,200.00
Receivable from Officer 8,000.00
Liability on Partial Payments 33,000.00
Notes Receivable - Discounted 85,800.00
Cash 8,000.00
93,800.00 93,800.00

*
Notes Receivable (trade)
Notes Received 845,000.00 416,000.00 Collection

Dishonored Note 31,200.00

221,000.00 Discounted with recourse }
Unadjusted Bal 239,200.00
Adjustments:
31,200.00 Dishonored Note (Charge to A/R)
Balance of N/R
discounted w/
recourse 85,800.00
33,000.00 Collection of notes
Adjusted Balance 260,800.00
Reconstructed

} Net debit adjustment of 21,600.