NEEDING ASSISTANCE IN FINISHING THE RED CELLS Xercise Cycles Company has provided its year ended accounts receivables that were uncollected The Controller has asked you to help prepare the Aging of Accounts Receivable Schedule and the corresponding journal entries Use the information included in the Excel Simulation and the Excel functions described below to complete the task Cell Reference Allows you to refer to data from another cell in the worksheet From the Excel Simulation below, if in a blank cell, B8 was entered, the formula would output the result from cell B8, or $2,500 in this example Basic Math functions Allows you to use the basic math symbols to perform mathematical functions You can use the following keys (plus sign to add), (minus sign to subtract), (asterisk sign to multiply), and (forward slash to divide) From the Excel Simulation below, if in a blank cell B11 B12 was entered, the formula would add the values from those cells and output the result, or 11,600 in this example If using the other math symbols the result would output an appropriate answer for its function SUM function Allows you to refer to multiple cells and adds all the values You can add individual cell references or ranges to utilize this function From the Excel Simulation below, if in a blank cell SUM(B11,B12,B13) was entered, the formula would output the result of adding those three separate cells, or 27,500 in this example Similarly, if in a blank cell SUM(B11 B13) was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 27,500 in this example IF function Allows you to test a condition and return a specific value is the result is true and different value if the result is false The syntax of the IF function is IF( test condition,value if true,value if false ) and specific considerations need to be made when using this function The test condition argument is an evaluation of the status of a cell, such as if the value of a cell is greater than, less than, or equal to another number or cell The value if true and value if false arguments will return any specific result for each option, such as another cell reference, a value, or text Throughout the entire equation, if text is being used in the test condition , value if true , or value if false arguments then the text itself should be entered in quotations so that Excel will recognize the text as a string of text instead of another function From the Excel Simulation below, if in a blank cell IF(B15 20000,AR is high,AR is low) was entered, the formula would output the result of the value if true since the test condition would be result as true, or in this case the text AR is high Excel processes the IF function by separating it out into separate parts First the test condition Excel thinks, find cell B15 and determine if the value is greater than 20000 Once Excel determines if the result of that test condition is TRUE or FALSE, it will return the value if true or value if false AND function Allows you to check if multiple conditions result as TRUE The syntax of the AND function is AND( logical1,logical2, ) where logical1 and logical2 are the conditions being tested These conditions can be used to evaluate other cells, such as greater than, less than, equal to From the Excel Simulation below, if in a blank cell AND(B8 1000,B9 1000) was entered, the formula would output the word TRUE since both of the logical test conditions are true Since the result will provide with a TRUE or FALSE result, the function is frequently used as the test condition argument of an IF function For example, if in a blank cell IF(AND(B8 1000,B9 1000),Low AR accounts,High AR accounts) was entered, the formula would output the result of Low AR accounts The IF function evaluates if the entire AND function provides a TRUE result, and as such outputs the value if true If the AND function does not result as TRUE, the IF function would output the result for value if false When using multiple functions, called nesting function, it is very important that the opening and closing parentheses are used properly and the placement is appropriate between the commas For the example above, the AND function requires one set of parentheses and the IF function requires another set of parentheses DAYS function Allows you to calculate the number of days between two dates The syntax of the DAYS function is DAYS( end date,start date ) and should always return a positive value It is important that the end date is used for the furthest date into the future and the start date is used for the date furthest into the past or earliest date in time being evaluated The formula arguments should reference dates that are located in other cells to properly calculate the formula result Xercise Cycles Company sells exercise equipment to gyms on account At year end, the following accounts receivable were uncollected 3 Required 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION x Number of Days Unpaid Amount 2,500 2,000 12,750 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 Invoice Date 6 17 2016 12 21 2016 10 12 2016 12 5 2016 11 29 2015 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 4 600 15,900 3,800 49 550 17 2) Use the information above to complete the Aging of Accounts Receivable Schedule below Is Create a formula for each age category, using the Excel IF and AND FUNCTIONS (x) to determine where each customer amount belongs 19 The IF statement may include the following arguments Excel AND FUNCTION() 1 3 Number of Days Unpaid 1 60 61 90 $0 0 30 F(F3 30,38,01 Over 90 $ 1 Customer itness Manis lesh for Life lolistic Health Options 26 mage Reimaging 27 oday's Gym World Vhole Life Fitness Center Vorkouts Unlimited otal Accounts Receivable Estimated Uncollectible ) stimated Uncollectible (5) 0 12,750 Od 4,600 15,900 0 3,800 20,500 $ 16,550 TS 10120N 2 050 $ 3,310 $ Total $2,500 2,000 12 750 7,000 4,6001 15 900 3,800 48,550 1 1 1 2 500 40 1 000 1 $ $ 2 $ 180 $ $ 6 540

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NEEDING ASSISTANCE IN FINISHING THE RED CELLS Xercise Cycles Company has provided its year ended accounts receivables that were uncollected. The Controller has asked you

*NEEDING ASSISTANCE IN FINISHING THE RED CELLS*

Xercise Cycles Company has provided its year ended accounts receivables that were uncollected. The Controller has asked you to help prepare the Aging of Accounts Receivable Schedule and the corresponding journal entries. Use the information included in the Excel Simulation and the Excel functions described below to complete the task.

Cell Reference: Allows you to refer to data from another cell in the worksheet. From the Excel Simulation below, if in a blank cell, =B8 was entered, the formula would output the result from cell B8, or $2,500 in this example.
Basic Math functions: Allows you to use the basic math symbols to perform mathematical functions. You can use the following keys: + (plus sign to add), - (minus sign to subtract), * (asterisk sign to multiply), and / (forward slash to divide). From the Excel Simulation below, if in a blank cell =B11+B12 was entered, the formula would add the values from those cells and output the result, or 11,600 in this example. If using the other math symbols the result would output an appropriate answer for its function.
SUM function: Allows you to refer to multiple cells and adds all the values. You can add individual cell references or ranges to utilize this function. From the Excel Simulation below, if in a blank cell =SUM(B11,B12,B13) was entered, the formula would output the result of adding those three separate cells, or 27,500 in this example. Similarly, if in a blank cell =SUM(B11:B13) was entered, the formula would output the same result of adding those cells, except they are expressed as a range in the formula, and the result would be 27,500 in this example.
IF function: Allows you to test a condition and return a specific value is the result is true and different value if the result is false. The syntax of the IF function is =IF(test_condition,value_if_true,value_if_false) and specific considerations need to be made when using this function. The test_condition argument is an evaluation of the status of a cell, such as if the value of a cell is greater than, less than, or equal to another number or cell. The value_if_true and value_if_false arguments will return any specific result for each option, such as another cell reference, a value, or text. Throughout the entire equation, if text is being used in the test_condition, value_if_true, or value_if_false arguments then the text itself should be entered in quotations so that Excel will recognize the text as a string of text instead of another function. From the Excel Simulation below, if in a blank cell =IF(B15>20000,AR is high,AR is low) was entered, the formula would output the result of the value_if_true since the test_condition would be result as true, or in this case the text AR is high. Excel processes the IF function by separating it out into separate parts. First the test_condition Excel thinks, find cell B15 and determine if the value is greater than 20000. Once Excel determines if the result of that test_condition is TRUE or FALSE, it will return the value_if_true or value_if_false.
AND function: Allows you to check if multiple conditions result as TRUE. The syntax of the AND function is =AND(logical1,logical2,) where logical1 and logical2 are the conditions being tested. These conditions can be used to evaluate other cells, such as greater than, less than, equal to. From the Excel Simulation below, if in a blank cell =AND(B8>1000,B9>1000) was entered, the formula would output the word TRUE since both of the logical test conditions are true. Since the result will provide with a TRUE or FALSE result, the function is frequently used as the test_condition argument of an IF function. For example, if in a blank cell =IF(AND(B8>1000,B9>1000),Low AR accounts,High AR accounts) was entered, the formula would output the result of Low AR accounts. The IF function evaluates if the entire AND function provides a TRUE result, and as such outputs the value_if_true. If the AND function does not result as TRUE, the IF function would output the result for value_if_false. When using multiple functions, called nesting function, it is very important that the opening and closing parentheses are used properly and the placement is appropriate between the commas. For the example above, the AND function requires one set of parentheses and the IF function requires another set of parentheses.
DAYS function: Allows you to calculate the number of days between two dates. The syntax of the DAYS function is =DAYS(end_date,start_date) and should always return a positive value. It is important that the end_date is used for the furthest date into the future and the start_date is used for the date furthest into the past or earliest date in time being evaluated. The formula arguments should reference dates that are located in other cells to properly calculate the formula result.

Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected 3 Required: 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION x. Number of Days Unpaid Amount 2,500 2,000 12,750 # 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 Invoice Date 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2015 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 4.600 15,900 3,800 49.550 17 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Is Create a formula for each age category, using the Excel IF and AND FUNCTIONS (x) to determine where each customer amount belongs 19 The IF statement may include the following arguments - Excel AND FUNCTION() 1 3 Number of Days Unpaid 1-60 61-90 $0 0. 30 F(F3-30,38,01 Over 90 $ 1 Customer itness Manis lesh for Life lolistic Health Options 26 mage Reimaging 27 oday's Gym World Vhole Life Fitness Center Vorkouts Unlimited otal Accounts Receivable Estimated Uncollectible ) stimated Uncollectible (5) 0 12,750 Od 4,600 15,900 0 3,800 20,500 $ 16,550 TS 10120N 2.050 $ 3,310 $ Total $2,500 2,000 12.750 7,000 4,6001 15.900 3,800 48,550 1 1 1 2.500 40 1.000 1 $ $ 2 $ 180 $ $ 6.540