Question
The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31:
The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31:
1 | A | B | C | D | E | F | G |
2 |
|
|
| Days Past Due | Days Past Due | Days Past Due | Days Past Due |
3 | Customer | Balance | Not Past Due | 1-30 | 31-60 | 61-90 | Over 90 |
4 | Acme Industries Inc. | 2,800.00 | 2,800.00 |
|
|
|
|
5 | Alliance Company | 4,000.00 |
| 4,000.00 |
|
|
|
6 | ~~~~~ | ~~~~~ | ~~~~~ | ~~~~~ | ~~~~~ | ~~~~~ | ~~~~~ |
7 | Zollinger Company | 5,000.00 |
|
| 5,000.00 |
|
|
8 | Subtotals | 1,050,500.00 | 604,700.00 | 220,400.00 | 110,500.00 | 84,900.00 | 30,000.00 |
The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals:
Customer | Balance | Due Date |
---|---|---|
Builders Industries | $44,400 | May 1 |
Elkhorn Company | 20,900 | June 20 |
Granite Creek Inc. | 7,500 | July 13 |
Lockwood Company | 14,100 | September 9 |
Teton Company | 12,700 | August 7 |
Required:
A. | Determine the number of days past due for each of the preceding accounts as of August 31. If an account is not past due, enter a zero. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
B. | Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank.
A. Determine the number of days past due for each of the preceding accounts as of August 31. If an account is not past due, enter a zero.
B. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank.
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