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

Q: Expert Answer

(a) To determine Determine the number of days each account is past due for the omitted accounts as of August 31. Explanation Accounts receivable: Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business. Due date: Due date is the maturity date on note/account, on due date the borrower is supposed to pay the debt. Past due: Past due is the number of days of not receiving/making payment on the overdue account. Determine the number of days each account is past due as of August 31. Account Balance Due Date Number of days past due C Industries $30,000 March 22 162 days K Company $18,000 July 1 61 days MC Incorporation $9,000 July 25 37 days R Company $26,400 September 10 Not past due S Company $46,600 August 3 28 days Table (1) Working note: Calculate number of days past due for each account... (b) To determine Complete the aging of receivables schedule, by adding the omitted accounts to the bottom of the schedule and update the totals.

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Financial Accounting

15th Edition

Carl Warren + 2 others

Publisher: Cengage Learning

ISBN: 9781337272124

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BuyFind

Financial Accounting

15th Edition

Carl Warren + 2 others

Publisher: Cengage Learning

ISBN: 9781337272124

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Answer 5

(a)

To determine

Determine the number of days each account is past due for the omitted accounts as of August 31.

Explanation of Solution

Accounts receivable: Accounts receivable refers to the amounts to be received within a short period from customers upon the sale of goods and services on account. In other words, accounts receivable are amounts customers owe to the business. Accounts receivable is an asset of a business.

Due date: Due date is the maturity date on note/account, on due date the borrower is supposed to pay the debt.

Past due: Past due is the number of days of not receiving/making payment on the overdue account.

Determine the number of days each account is past due as of August 31.

Account	Balance	Due Date	Number of days past due
C Industries	$30,000	March 22	162 days
K Company	$18,000	July 1	61 days
MC Incorporation	$9,000	July 25	37 days
R Company	$26,400	September 10	Not past due
S Company	$46,600	August 3	28 days

Table (1)

Working note:

Calculate number of days past due for each account...

Answer 6

(b)

To determine

Complete the aging of receivables schedule, by adding the omitted accounts to the bottom of the schedule and update the totals.

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