Problem Data Cycleocity, Inc. is a wholesaler of bicycles and bicycle parts. It sells on credit terms
Question:
Using the computer electronic spreadsheet or database software indicated by your instructor, prepare an accounts receivable aging report as of June 30, 20XX. Observe the following specific requirements:
a. In addition to a report heading, the report should contain column headings for:
Customer name
Total balance
Current balance and past- due balance, with supporting columns for 1 to 30 days, 31 to 60 days, 61 to 90 days, over 90 days
b. Each individual open invoice and its due date should be entered into the computer software. However, those details should not appear in the report. Instead, for each customer, show the total outstanding balance and the total amount in each age category.
c. Print totals for each money column and verify that the totals of the aging columns cross- add to the grand total of all outstandingbalances.
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Step by Step Answer:
Accounting Information Systems
ISBN: 978-1133935940
10th edition
Authors: Ulric J. Gelinas, Richard B. Dull