Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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:

Not Days Past Due
Past Over
Customer Balance Due 1-30 31-60 61-90 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
Hodges Company May 29
Kent Creek Inc. June 8
Lockwood Company August 10
Van Epps Company July 2

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.

Evers Industries Aging of Receivables Schedule 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 f 5,000
Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000
Boyd Industries
Hodges Company
Kent Creek Inc.
Lockwood Company
Van Epps Company
Totals

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

Recommended Textbook for

Auditing Theory

Authors: Ian Dennis

1st Edition

1138599700, 978-1138599703

More Books

Students also viewed these Accounting questions

Question

2. Identify conflict triggers in yourself and others

Answered: 1 week ago