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Required: 1. Calculate the number of days each account has been unpaid using the =DAYS function. 2. Use the information from Requirement 1 to complete
Required: 1. Calculate the number of days each account has been unpaid using the =DAYS function. 2. Use the information from Requirement 1 to complete the Aging of Accounts Receivable Schedule. Use the =IF function to determine where each customer amount belongs. Do not leave any cells blank. Use =AND to check date ranges. For example, to go in Column C, a receivable must be older than 30 days AND less than 61 days old. Use =SUM to calculate each total. Include cells even if their amount is zero so this table can be easily updated for different receivables balances. \begin{tabular}{|c|c|c|c|c|c|} \hline \multirow[b]{2}{*}{ Customer } & \multicolumn{4}{|c|}{ Number of Days Unpaid } & \multirow[b]{2}{*}{ Total } \\ \hline & 030 & 3160 & 6190 & Over 90 & \\ \hline \multicolumn{6}{|l|}{ Fitness Mania } \\ \hline \multicolumn{6}{|l|}{ Health for Life } \\ \hline \multicolumn{6}{|l|}{ Holistic Health Options } \\ \hline \multicolumn{6}{|l|}{ Image Reimaging } \\ \hline \multicolumn{6}{|l|}{ Today's Gym World } \\ \hline \multicolumn{6}{|l|}{ Whole Life Fitness Center } \\ \hline \multicolumn{6}{|l|}{ Workouts Unlimited } \\ \hline \multicolumn{6}{|l|}{ Total Accounts Receivable } \\ \hline Estimated Uncollectible(\%) & 2% & 10% & 25% & 45% & \\ \hline Estimated Uncollectible (\$) & & & & & \\ \hline \end{tabular} 3. Prepare the journal entry to record bad debt expense assuming the existing Allowance for Doubtful Accounts balance is as shown. \begin{tabular}{|l|r|r|} \hline Allowance for Doubtful Accounts & $250 & credit balance \\ \hline Bad Debt Expense & & \\ \hline Allowance for Doubtful Accounts & & \\ \hline \end{tabular}
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