Kelly Jennings created financial reports and submitted them to her banker to secure a loan. Today Kelly received a phone call from her banker, who told her that the balance sheet she submitted requires further explanation. He’d like to see some documentation to support her company’s balances of receivables, inventory, and payables.

Requirements:

Kelly asks you to prepare and print three supporting reports . 

1 Prepare an Accounts Receivable Aging Summary report for January 31, 2015. Print this report. Write a brief paragraph in which you explain the status of the two largest balances—that is, how old they are, what was sold, and so on.

2 Prepare an Accounts Payable Aging Summary report for January 31, 2015. Print this report. Write a brief paragraph in which you explain, as before, the status of the two largest balances.

3 Prepare an Inventory Valuation Summary for January 31, 2015. Print this summary. Drill down from this report and then write a brief paragraph in which you describe the most recent purchase of film. Be sure to include the date, vendor, amount, and cost per unit.