all answers must be answered in formula.

Aging of accounts receivable method 1. Prepare an aging of accounts receivable and compute bad debt expense. 5. - FILE HOME INSERT VIEW % Calibri - 11 Aging of accounts receivable method - Excel ? EX PAGE LAYOUT FORMULAS DATA REVIEW Sign In AA % M A. Alignment Number Conditional Format as Cell Editing Formatting Table Styles Styles f Xercise Cycles Company sells exercise equipment to gyms on account. At year Paste BIU Cells Clipboard Font B D E Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected 2 3 Required: 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). 5 6 Number of 7 Customer Amount Invoice Date Today's Date Days Unpaid 8 Fitness Mania 2,500 6/17/2016 12/31/2016 9 Health for Life 2,000 12/21/2016 12/31/2016 10 Holistic Health Options 12,750 10/12/2016 12/31/2016 11 Image Reimaging 7,000 12/5/2016 12/31/2016 12 Today's Gym World 4,600 11/29/2016 12/31/2016 13 Whole Life Fitness Center 15,900 11/20/2016 12/31/2016 14 Workouts Unlimited 3,800 10/2/2016 12/31/2016 15 Total 48.550 16 17 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. 18 Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each customer amount belongs. 19 The IF statement may include the following arguments: >>,, >>, fx Xercise Cycles Company sells exercise equipment to gyms on account. At year F A B D E 28 Whole Life Fitness Center 29 Workouts Unlimited 30 Total Accounts Receivable 31 Estimated Uncollectible( %) 2% 10% 20% 40% 32 Estimated Uncollectible ($) 33 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadjusted balance: 36 Allowance for Doubtful Accounts $250 credit balance 37 38 Bad Debt Expense 39 Allowance for Doubtful Accounts 40 41 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 42 had the following unadjusted balance: 43 Allowance for Doubtful Accounts $100 debit balance 44 45 Bad Debt Expense 46 Allowance for Doubtful Accounts 47 10