Question
8-8 Aging of receivables schedule The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end
8-8
Aging of receivables schedule
The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31:
| Customer | Balance | Not Past Due | Days Past Due 1-30 | Days Past Due 31-60 | Days Past Due 61-90 | Days Past Due Over 90 |
|---|---|---|---|---|---|---|
| Acme Industries Inc. | 3,000 | 3,000 | ||||
| Alliance Company | 4,500 | 4,500 | ||||
| Zollinger Company | 5,000 | 5,000 | ||||
| Subtotals | 1,050,000 | 600,000 | 220,000 | 115,000 | 85,000 | 30,000 |
The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals:
| Customer | Balance | Due Date |
|---|---|---|
| Boyd Industries | $36,000 | April 7 |
| Hodges Company | 11,500 | May 29 |
| Kent Creek Inc. | 6,600 | June 8 |
| Lockwood Company | 7,400 | August 10 |
| Van Epps Company | 13,000 | July 2 |
Question Content Area
a. Determine the number of days past due for each of the preceding accounts as of July 31. If an account is not past due, enter 0.
| Customer | Due Date | Number of Days Past Due |
|---|---|---|
| Boyd Industries | April 7 | fill in the blank 1 of 5 days |
| Hodges Company | May 29 | fill in the blank 2 of 5 days |
| Kent Creek Inc. | June 8 | fill in the blank 3 of 5 days |
| Lockwood Company | August 10 | fill in the blank 4 of 5 days |
| Van Epps Company | July 2 | fill in the blank 5 of 5 days |
Question Content Area
b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank.
| Customer | Balance | Not Past Due | Days Past Due 1-30 | Days Past Due 31-60 | Days Past Due 61-90 | Days Past Due Over 90 |
|---|---|---|---|---|---|---|
| Acme Industries Inc. | $3,000 | $3,000 | $Acme Industries Inc. | $Acme Industries Inc. | $Acme Industries Inc. | $Acme Industries Inc. |
| Alliance Company | 4,500 | Alliance Company | 4,500 | Alliance Company | Alliance Company | Alliance Company |
| Zollinger Company | 5,000 | Zollinger Company | Zollinger Company | 5,000 | Zollinger Company | Zollinger Company |
| Subtotals | 1,050,000 | 600,000 | 220,000 | 115,000 | 85,000 | 30,000 |
| Boyd Industries | Boyd Industries | Boyd Industries | Boyd Industries | Boyd Industries | Boyd Industries | Boyd Industries |
| Hodges Company | Hodges Company | Hodges Company | Hodges Company | Hodges Company | Hodges Company | Hodges Company |
| Kent Creek Inc. | Kent Creek Inc. | Kent Creek Inc. | Kent Creek Inc. | Kent Creek Inc. | Kent Creek Inc. | Kent Creek Inc. |
| Lockwood Company | Lockwood Company | Lockwood Company | Lockwood Company | Lockwood Company | Lockwood Company | Lockwood Company |
| Van Epps Company | Van Epps Company | Van Epps Company | Van Epps Company | Van Epps Company | Van Epps Company | Van Epps Company |
| Totals | $Totals | $Totals | $Totals | $Totals | $Totals |
a. Determine the number of days past due for each of the preceding accounts as of July 31 . If an account is not past due, enter 0 . Fvare Inductriec Aging of receivables schedule The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31 : The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of July 31 . If an account is not past due, enter 0
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Research Methods In Accounting
Authors: Malcolm Smith
5th Edition
1526490676, 978-1526490674
