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The accounts receivable listing of FoxDen Inc. shows the following on December 31, 2020. ...

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Accounting

The accounts receivable listing of FoxDen Inc. shows the following on December 31, 2020.

The general ledger showed a $250 credit balance in Allowance for Doubtful Accounts before adjustment
Name of customer Invoice date Amount
Cycles Inc. March 5, 2020 $950
First Corporation August 12, 2020 500
First Corporation December 10, 2020 550
Garron Inc. December 15, 2020 200
Heartwell Inc. August 15, 2020 480
Heartwell Inc. July 5, 2020 915
Leash Inc. May 5, 2020 575
Sign Corporation December 15, 2020 825
Spares Inc. November 18, 2020 325
Summer Corporation October 10, 2020 650
Required:

Compute estimated loss based on the following:
Age (days) Estimated Loss Percentage
1-30 2%
31-60 3%
61-90 5%
91-120 10%
121-150 25%
Over 150 50%

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