1 Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected 3 Required: 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx) Number of Customer Amount Invoice Date Today's Date 8 Fitness Mania 9 Health for Life 10 Holistic Health Options 11 Image Reimagin 12 Today's Gym World 13 Whole Life Fitness Center 14 Workouts Unlimited 15 Total 16 17 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. 18 6/17/2016 12/31/2016 2,500 2,00012/21/2016 12/31/2016 12,75010/12/2016 12/31/2016 7,000 4,60011/29/201612/31/2016 15,90011/20/2016 12/31/2016 3,800 12/5/2016 12/31/2016 10/2/201612/31/2016 48,550 Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each customer amount belongs. 19 The IF statement may include the following arguments: , > Excel AND FUNCTION (f) 20 21 Number of Days Unpaid 31-60 Customer 0-30 61-90 Over 90 Total 23 Fitness Mania 24 Health for Life 25 Holistic Health Options 26 Image Reimagin 27 Today's Gym World 28 Whole Life Fitness Center 29 Workouts Unlimited 30 Total Accounts Receivable 31 Estimated Uncollectible(%) 32 Estimated Uncollectible ($) 29% 10% 20% 40% 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadiusted balance: 36 Allowance for Doubtful Accounts 37 38 Bad Debt Expense 39 Allowance for Uncollectible Accounts 250 credit balance 414) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 42 had the following unadjusted balance: 43 $100 debit balance Allowance for Doubtful Accounts 45 Bad Debt Expense 46 Allowance for Uncollectible Accounts 47