Answered step by step
Verified Expert Solution
Question
1 Approved Answer
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
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 November 30: Not Days Past Due Past Over Customer Balance 1-30 31-60 61-90 90 Academy Industries Inc. 3,300 3,300 Ascent Company 6,000 6,000 Due 8.000 Zoot Company 8,000 Subtotals 903,400 545,700 198,700 86,700 45,200 27.100 The following accounts were unintentionally omitted from the aging schedule and not Induded in the subtotals above Customer Balance Due Date Conover Industries $12,600 July 11 Keystone Company 9,000 September 19 Moxie Creek Inc. 18,100 October 18 Rainbow Company 10,800 November 4 Swanson Company 24,400 December 21 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 . Customer Due Date Number of Days Past Due days Conover Industries July 11 days Keystone Company September 19 Customer Due Date Number of Days Past Due Conover Industries July 11 days days September 19 October 18 days Keystone Company Moxie Creek Ing. Rainbow Company Swanson Company days November 4 December 21 days b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totais. It an amount box does not require an entry, leave it on Kirchhoff Industries Aging of Receivables Schedule November 30 Customer Balance Not Past Due Days Past Due 1-30 Days Past Due 31-60 Days Past Duo 61-90 Days Past Due Over 90 Academy Industries Inc. 3,300 3.300 Ascent Company 6,000 6,000 Zoot Company 8,000 8,000 Subtotals 903,400 545,700 198,700 86,700 45,200 27.100 Conover Industries Keystone Company Monde Creek Inc. Rainbow Company Swanson Company Totals
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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