The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: G A D Days Past Due Not 1 2 Past Over 3 Customer Balance Due 1-30 31-60 61-90 90 4 Academy Industries Inc. 5 Ascent Company 3,000 4,500 3,000 4,500 21 Zoot Company 22 Subtotals 5,000 1,050,000 600,000 220,000 115,000 5,000 85,000 30,000 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Balance Customer Due Date Conover Industries $30,000 March 22 July 1 July 25 September 10 Keystone Company 18,000 Moxie Creek Inc. 9,000 Rainbow Company 26,400 Swanson Company 46,600 August 3 a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.

The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: G A D Days Past Due Not 1 2 Past Over 3 Customer Balance Due 1-30 31-60 61-90 90 4 Academy Industries Inc. 5 Ascent Company 3,000 4,500 3,000 4,500 21 Zoot Company 22 Subtotals 5,000 1,050,000 600,000 220,000 115,000 5,000 85,000 30,000 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: Balance Customer Due Date Conover Industries $30,000 March 22 July 1 July 25 September 10 Keystone Company 18,000 Moxie Creek Inc. 9,000 Rainbow Company 26,400 Swanson Company 46,600 August 3 a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 8E: The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed...

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