All answers must be entered as a formula. Click OK to begin. OK Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts recent were uncollected 3 Required: 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). Number of Days Unpaid Customer 8 Fitness Mania 9 Health for Life 10 Holistic Health Options 11 Image Reimaging 12 Today's Gym World 13 Whole Life Fitness Center 14 Workouts Unlimited 15 Total Amount 2,500 2,000 12,750 7,000 4,600 15,900 3,800 48,550 Invoice Date 6/17/2016 12/21/2016 10/12/2016 12/5/2016) 11/29/2016 11/20/2016 10/2/2016 Today's Date 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 $ 17 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each custom amount belongs. 19 The If statement may include the following arguments: > Excel AND FUNCTION (6x). Customer Sheet1 Number of Days Unpaid 31-60 61-90 Over 90 Total READY 5 Total $ 48,550 .7 2 Use the information above to complete the Aging of Accounts Receivable Schedule below. 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: > Excel AND FUNCTION (x). Number of Days Unpaid 31-60 61-90 0-30 Over 90 Total L Customer 23 Fitness Mania 24 Health for Life 25 Holistic Health Options 26 mage Reimaging 27 Today's Gym World 28 Nhole Life Fitness Center 29 Norkouts Unlimited 30 Total Accounts Receivable 31 Estimated Uncollectible %) 32 Estimated Uncollectible (5) 255 10% 20% 40% 34 31 Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 ad the following unadjusted balance: 35 Allowance for Doubtful Accounts $250 credit balance Sheet1 fox || Xercise Cycles Company sells exercise equipment to gyms on account. At yea 29 Workouts Unlimited 30 Total Accounts Receivable 31 Estimated Uncollectible{ %) 32 Estimated Uncollectible ($) 10% 209 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 38 Bad Debt Expense 39 Allowance for Doubtful Accounts 41 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 42 had the following unadjusted balance: 13 Allowance for Doubtful Accounts 100 debit balance 45 Bad Debt Expense 46 Allowance for Doubtful Accounts
