can you help me with the aging of accounts receivable page please i dont understand it

ACC 3010 Project 2 Version 2 even student number Fall 2015 NAME STUDENT NUMBER DUE Friday November 7, 2015- This project is due on November 7th before 8:00 pm and is to be submitted to the final project 2 submission link on Blackboard. The hours for help with the project will be posted on the class Blackboard site. Your file must be named - "Your name (first and last) your TAs last name" so that the TAs can do the initial grading. This project is a continuation of Project 1, BFig Consulting Inc. An additional 11 months have passed since Project 1 (we are now at August 31, 2015 the company's yearend). The friends have expanded the shop to include sales of tablets as well as the consulting services activities. The new company name is BFig Consulting and Sales Inc. All transactions for the company through the end of the year have been posted to the accounts EXCEPT FOR those relating to the purchasing and sales of tablets in August. You will be recording and posting those entries. Additionally, all monthly adjustments have been made EXCEPT for those related to accounting for bad debts and any inventory and cost of goods sold issues. You will be adding that information. You will then be making the required closing entries and preparing the yearend financial statements for the company. The following is a suggested series of steps for completing the project: 1. Complete the Perpetual Inventory card worksheets to reflect the August purchases and sales under the 3 different Inventory costing methods. These must be typed 2. Complete the August Journal Entries to reflect the purchases and sales transactions (company uses the perpetual method) under the FIFO costing method and post. 3. Review the aging of accounts receivable included with the project and the current balance in the Allowance Account (see worksheet) to determine the adjustment needed for Bad Debts. Any journal entry necessary should be included on the adjusting journal entries sheet. 5. Prepare any necessary adjusting entries to reflect the Inventory count at year end. These should be included on the adjusting entries sheet. 6. Prepare the necessary closing entries on the closing entries sheet. 7. Prepare the 3 financial statements for the year ended August 31, 2015 (multi step income statement, classified balance sheet, and statement of retained earnings). Also you must include appropriate dollar signs and appropriate underlines and correct formatting for the statements to receive full credit. 15. Each student must submit an ORIGINALexcel file to the final project 2 assignment link in Blackboard. While students are encouraged to work together, each student must process and format his/her own set of statements. Duplicate submissions (format, not numbers) will result in the students receiving a 0 for the assignment. Just changing the font size or orientation/placement is not really an "original effort". REQUIRED TO BE SUBMITTED - You must submit your excel file which must include all Journal entries, trial balances, the worksheet and the financial statements to the correct assignments link on the class Blackboard site by 8 pm Saturday November 7. Your file must be named - "Your name (first and last) your TAs last name" so that the TAs can do the initial grading. INCENTIVE POINTS FOR PROJECT 2 - to earn the incentive points, you must submit your excel file to the appropriate assignment link on the class Blackboard site before the due date and time indicated. Your submission must be correct to earn the incentive points. October 28 Incentive Point - You must submit your completed August Journal entries, AND your completed Inventory Cards for all 3 Inventory costing methods. If your typed Inventory Cards are completed using formulas, you will be awarded an additional incentive point. November 4 Incentive Point - You must submit your completed Adjusting Journal Entries, your closing entries, and the worksheet with the Trial Balance and adjustments and Adjusted Trial Balance Columns completed. Omar Elayan 004426004 Inventory Information Inventory on hand at the beginning of August: Units Cost / Total Cost unit Purchase # 1 20 80 $1,600 Purchase # 2 25 95 2,375 45 $3,975 August 2015 transactions related to buying and selling tablet inventory 1-Aug Sold 35 tablets at $200 each on credit 35 200 3-Aug Purchased 65 tablets at a cost of $100 per tablet on credit 65 100 50 200 65 115 24-Aug Sold 75 tablets at $210 each on credit 75 210 28-Aug Purchased 25 tablets at a cost of $125 per tablet on credit 25 125 7-Aug Paid for one half of the tablets purchased on August 3 8-Aug Sold 50 tablets at $200 each on credit 18-Aug Received one-half payment from the customer of August 1 20-Aug Purchased 65 tablets at a cost of $115 per tablet on credit 22-Aug Received one-half payment from the customer of August 8 The physical count of tablet inventory on hand at August 31, 2015 shows 35 tablets at a FIFO cost of $4,275. Beginning Inventory Units 20 25 45 Cost / unit 80 95 Cost 1600 2375 3975 LIFO Purchases Date Quantity Unit Cost Cost of Goods Sold Total Cost Quantity Unit Cost Inventory on Hand Total Cost Quantity Unit Cost Total Cost 20 25 August 1st August 3rd 65 100 115 Total 65 10 25 125 340 17100 7475 1000 3125 155 115 100 160 490 12150 80 800 80 100 800 6500 10 15 80 100 800 1500 80 100 115 800 1500 7475 10 5 80 100 800 500 10 5 25 500 7475 August 24th August 28th 100 10 10 15 65 50 65 2375 800 6500 August 8th August 20th 95 80 1600 2375 10 65 25 10 80 95 80 100 125 800 500 3125 300 1395 29875 FIFO Purchases Unit Total Date Quantity Cost Cost of Goods Sold Unit Total Cost Quantity Cost Cost Inventory on Hand Unit Total Quantity Cost Cost 20 25 August 1st August 3rd 65 100 115 Total 25 50 25 125 340 17100 2500 5750 3125 155 100 115 160 585 16225 95 950 95 100 950 6500 25 100 2500 100 115 2500 7475 15 115 1725 25 950 4000 7475 August 24th August 28th 95 100 10 25 65 10 40 65 1600 1425 6500 August 8th August 20th 80 95 1600 2375 10 65 20 15 80 95 125 3125 285 1020 29700 Weighted Avg Purchases Date Quantity Unit Cost Cost of Goods Sold Total Cost Quantity Unit Cost Inventory on Hand Total Cost Quantity Unit Cost Total Cost 20 25 45 August 1st August 3rd 65 100 115 Total 75 25 125 340 17100 8280 3125 155 110.4 195 297.17 16294 88.33 883 98.44 7383 25 98.44 2461 110.4 9936 15 110.4 1656 40 4922 7475 August 24th August 28th 98.44 10 90 50 65 3092 6500 August 8th August 20th 88.33 1600 2375 3975 75 35 80 95 88.33 119.5 4781 345 888.84 35050 August Journal Entries August 1st Accounts Receivable Sales Revenue 7000 7000 COGS Inventory August 3rd August 7th August 8th Inventory Accounts Payable 6500 Accounts Payable Cash 3250 Accounts Receivable Sales Revenue 6500 3250 10000 10000 COGS Inventory August 18th August 20th August 22nd August 24th Cash Accounts Receivable 3500 Inventory Accounts Payable 6900 Cash Accounts Receivable 5000 Accounts Receivable Sales Revenue 3500 6900 5000 15750 15750 COGS Inventory August 28th Inventory Accounts Payable 3125 3125 Adjusting Journal Entries Closing Entries Total Accounts Receivable Estimated Bad Debt 0-30 $ 107,250 % Uncollectible Number of Days Outstanding 31-60 61-90 91-120 $ 34,000 $ 15,250 $ 8,150 over 120 $ 6,400 0.02 $ 7,183 0.07 0.08 0.09 0.11 2,145 2,380 1,220 734 704 BFig Consulting and Sales Inc PARTIALLY ADJUSTED TRIAL BALANCE August 31 2015 Part Adj T/B DR CR Cash Accounts Receivable Allowance for Uncollectible Accounts Supplies Inventory Prepaid Insurance Land Building Accumulated Depr - Building Computer equipment Accumulated Depr - Comp Equip Office Furniture Accumulated Depr - Office Furniture Accounts Payable $190,750 146,800 $5,970 32,600 3,975 17,200 30,000 110,000 5,670 36,750 1,750 30,900 890 14,560 Interest Payable Utilities Payable Wages Payable Long term Note Payable 3,100 9,954 47,500 90,000 Mortgage Payable Common Stock Retained Earnings Dividends Service Revenue Tablet Sales Revenue Cost of Goods Sold Bad Debt Expense Depreciation Expense - Building Depreciation Expense - Computer Equip Depreciation Expense - Office Furn Interest Expense Insurance Expense Supplies expense Utilities Expense Wage Expense Subtotals Net Income TOTALS 80,000 200,000 75,661 3,000 364,900 272,400 162,700 970 240 170 3300 36,950 62,750 65,800 237,500 ### ### August Jes DR CR Trial Balance DR CR Adj Jes DR Adj T/B CR DR CR Income Stmt DR CR Stmt of Ret Earn DR CR Balance Sheet DR CR BFig Consulting and Sales Inc Multi step Income statement BFig Consulting and Sales Inc Statement of Retained Earnings BFig Consulting and Sales Inc Classified balance sheet