Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 5,100 5,100 Ascent Company 3,800 3,800 Zoot Company 7,000 7,000 Subtotals 805,800 486,600 177,300 77,400 40,300 24,200 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:
| Not | Days Past Due | |||||||||||
| Past | Over | |||||||||||
| Customer | Balance | Due | 1-30 | 31-60 | 61-90 | 90 | ||||||
| Academy Industries Inc. | 5,100 | 5,100 | ||||||||||
| Ascent Company | 3,800 | 3,800 | ||||||||||
| Zoot Company | 7,000 | 7,000 | ||||||||||
| Subtotals | 805,800 | 486,600 | 177,300 | 77,400 | 40,300 | 24,200 |
The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above:
| Customer | Balance | Due Date | |
| Conover Industries | $11,300 | July 11 | |
| Keystone Company | 8,100 | September 19 | |
| Moxie Creek Inc. | 16,100 | October 17 | |
| Rainbow Company | 9,700 | November 4 | |
| Swanson Company | 21,800 | December 21 |
a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0.
| Customer | Due Date | Number of Days Past Due |
| Conover Industries | July 11 | fill in the blank 47e60e075ff0066_1 days |
| Keystone Company | September 19 | fill in the blank 47e60e075ff0066_2 days |
| Moxie Creek Inc. | October 17 | fill in the blank 47e60e075ff0066_3 days |
| Rainbow Company | November 4 | fill in the blank 47e60e075ff0066_4 days |
| Swanson Company | December 21 | fill in the blank 47e60e075ff0066_5 days |
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.
| Kirchhoff Industries | ||||||
| Aging of Receivables Schedule | ||||||
| November 30 | ||||||
| Customer | Balance | Not Past Due | Days Past Due 1-30 | Days Past Due 31-60 | Days Past Due 61-90 | Days Past Due Over 90 |
| Academy Industries Inc. | 5,100 | 5,100 | fill in the blank 22ced1fd706e043_1 | fill in the blank 22ced1fd706e043_2 | fill in the blank 22ced1fd706e043_3 | fill in the blank 22ced1fd706e043_4 |
| Ascent Company | 3,800 | fill in the blank 22ced1fd706e043_5 | 3,800 | fill in the blank 22ced1fd706e043_6 | fill in the blank 22ced1fd706e043_7 | fill in the blank 22ced1fd706e043_8 |
| Zoot Company | 7,000 | fill in the blank 22ced1fd706e043_9 | fill in the blank 22ced1fd706e043_10 | 7,000 | fill in the blank 22ced1fd706e043_11 | fill in the blank 22ced1fd706e043_12 |
| Subtotals | 805,800 | 486,600 | 177,300 | 77,400 | 40,300 | 24,200 |
| Conover Industries | fill in the blank 22ced1fd706e043_13 | fill in the blank 22ced1fd706e043_14 | fill in the blank 22ced1fd706e043_15 | fill in the blank 22ced1fd706e043_16 | fill in the blank 22ced1fd706e043_17 | fill in the blank 22ced1fd706e043_18 |
| Keystone Company | fill in the blank 22ced1fd706e043_19 | fill in the blank 22ced1fd706e043_20 | fill in the blank 22ced1fd706e043_21 | fill in the blank 22ced1fd706e043_22 | fill in the blank 22ced1fd706e043_23 | fill in the blank 22ced1fd706e043_24 |
| Moxie Creek Inc. | fill in the blank 22ced1fd706e043_25 | fill in the blank 22ced1fd706e043_26 | fill in the blank 22ced1fd706e043_27 | fill in the blank 22ced1fd706e043_28 | fill in the blank 22ced1fd706e043_29 | fill in the blank 22ced1fd706e043_30 |
| Rainbow Company | fill in the blank 22ced1fd706e043_31 | fill in the blank 22ced1fd706e043_32 | fill in the blank 22ced1fd706e043_33 | fill in the blank 22ced1fd706e043_34 | fill in the blank 22ced1fd706e043_35 | fill in the blank 22ced1fd706e043_36 |
| Swanson Company | fill in the blank 22ced1fd706e043_37 | fill in the blank 22ced1fd706e043_38 | fill in the blank 22ced1fd706e043_39 | fill in the blank 22ced1fd706e043_40 | fill in the blank 22ced1fd706e043_41 | fill in the blank 22ced1fd706e043_42 |
| Totals | fill in the blank 22ced1fd706e043_43 | fill in the blank 22ced1fd706e043_44 | fill in the blank 22ced1fd706e043_45 | fill in the blank 22ced1fd706e043_46 | fill in the blank 22ced1fd706e043_47 | fill in the blank 22ced1fd706e043_48 |
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
