Question
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.
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 |
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