Determine the number of days past due for each of the preceding accounts as of November 30

Financial And Managerial Accounting
15th Edition
ISBN:9781337902663
Author:WARREN, Carl S.
Publisher:WARREN, Carl S.
Chapter8: Receivables
Section: Chapter Questions
Problem 8E: Aging of receivables schedule The accounts receivable clerk for Evers Industries prepared the...
icon
Related questions
icon
Concept explainers
Question

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. 5,500   5,500                  
Ascent Company 4,500       4,500              
 
Zoot Company 9,800           9,800          
Subtotals 784,200   473,700   172,500   75,300   39,200   23,500  

The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above:

Customer     Balance Due Date
Conover Industries $11,000   July 9
Keystone Company 7,800   September 20
Moxie Creek Inc. 15,700   October 16
Rainbow Company 9,400   November 5
Swanson Company 21,200   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 9  
Keystone Company September 20  
Moxie Creek Inc. October 16  
Rainbow Company November 5  
Swanson Company December 21  

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. 5,500 5,500        
Ascent Company 4,500   4,500      
Zoot Company 9,800     9,800    
Subtotals 784,200 473,700 172,500 75,300 39,200 23,500
Conover Industries            
Keystone Company            
Moxie Creek Inc.            
Rainbow Company            
Swanson Company            
Totals            

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting
Financial Accounting
Accounting
ISBN:
9781305088436
Author:
Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Financial Accounting Intro Concepts Meth/Uses
Financial Accounting Intro Concepts Meth/Uses
Finance
ISBN:
9781285595047
Author:
Weil
Publisher:
Cengage