Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Aging of cevables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of

image text in transcribed
image text in transcribed
image text in transcribed
Aging of cevables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 4,600 4,600 Ascent Company 4,400 4.400 19,500 Zoot Company 7,200 7,200 Subtotals 651.400 393,500 143,300 62,500 32,600 The following accounts were intentionally omitted from the aging schedule and not Induded in the subtotals above Customer Balance Due Date Conover Industries $9.100 July 9 Keystone Company 6.500 September 21 Honde Creek the 13.000 October 18 Rainbow Company 7.800 November 5 Swanson Company 17.500 December 23 Demine the number of days to the preceding accounts from 30. stunt is not unter a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0. Due Date Customer Conover Industries Number of Days Past Due days July 9 Keystone Company Moxie Creek in days September 21 October 10 days November days Rainbow Company Swanson Company December 21 days b. Complete the aging of receivables schedule by adding the omited accounts to the bottom of the schedule and updating the totals. an amount box does not require an entry few Kirchhoff Industries Aging of Receivables Schedule November 30 Customer Balance Not Past Due Days Past Due 1-30 Days Past Due 31-00 Days Past Due 61.90 Da Past Due Over 90 Academy Industries to 4.600 Ascent Company 4,400 To company 7,209 2200 Subtot 65.400 193.500 1300 Congver industries Kryston m 4.500 October 18 days Monde Creek Inc. Hainbow Company Swanson Company November 5 days December 21 days 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 Kirchhoff Industries Aging of Receivables Schedule November 30 Customer Balance Not Past Due Days Past Du 130 Days Past Du 31 60 Days Past Dee 61-90 Days Past Due Over 90 Academy Industries to 4.500 4.600 Recent Company 4.400 4.400 Zoot Com 200 7,200 Subtotal 551.400 393,500 14.300 52.500 37600 29.500 Conver Industries West Com

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions