Question
Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end
Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 3,000 3,000 Ascent Company 4,500 4,500 Zoot Company Subtotals 5,000 1,050,000 600,000 220,000 5,000 115,000 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 Conover Industries $30,000 March 22 Keystone Company 18,000 July 1 Moxie Creek Inc. 9,000 July 25 Rainbow Company 26,400 Swanson Company 46,600 September 10 August 31 a. Determine the number of days past due for each of the preceding accounts as of August 31. If an account is not past due, enter 0. Customer Due Date Number of Days Past Due Previous Next Customer Due Date Number of Days Past Due Conover Industries Keystone Company Moxie Creek Inc. Rainbow Company March 22 July 1 July 25 days days days Swanson Company September 10 August 3 days 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 August 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 Academy Industries Inc. 3,000- 3,000 Ascent Company 4,500 4,500 Zoot Company 5,000 5,000 Subtotals 1,050,000 600,000 220,000 115,000 Conover Industries. Keystone Company Moxie Creek Inc. Rainbow Company Swanson Company Totals |000000000 000000000 30,000 Check My Work Previous Next>
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