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.	2,800		2,800
Ascent Company	4,800				4,800
Zoot Company	9,000						9,000
Subtotals	910,500		550,000		200,300		87,400		45,500		27,300

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

Customer	Balance		Due Date
Conover Industries	$12,700		July 10
Keystone Company	9,100		September 21
Moxie Creek Inc.	18,200		October 17
Rainbow Company	10,900		November 4
Swanson Company	24,600		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 10	days
Keystone Company	September 21	days
Moxie Creek Inc.	October 17	days
Rainbow Company	November 4	days
Swanson Company	December 21	days

Feedback

a. Do not include the due date in your count. Remember that not all months have an equal number of 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.	2,800	2,800
Ascent Company	4,800		4,800
Zoot Company	9,000			9,000
Subtotals	910,500	550,000	200,300	87,400	45,500	27,300
Conover Industries
Keystone Company
Moxie Creek Inc.
Rainbow Company
Swanson Company
Totals

Answer 1

Solution a:

Customer	Due Date	Number of Days Past Due
Conover Industries	10-Jul	143
Keystone Company	21-Sep	70
Moxie Creek Inc.	17-Oct	44
Rainbow Company	4-Nov	26
Swanson Company	21-Dec	0

solution b:

Kirchhoff Industries
Aging of Receivables Schedule
30-Nov
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.	$2,800.00	$2,800.00
Ascent Company	$4,800.00		$4,800.00
Zoot Company	$9,000.00			$9,000.00
Subtotals	$910,500.00	$550,000.00	$200,300.00	$87,400.00	$45,500.00	$27,300.00
Conover Industries	$12,700.00					$12,700.00
Keystone Company	$9,100.00				$9,100.00
Moxie Creek Inc.	$18,200.00			$18,200.00
Rainbow Company	$10,900.00		$10,900.00
Swanson Company	$24,600.00	$24,600.00
Totals	$986,000.00	$574,600.00	$211,200.00	$105,600.00	$54,600.00	$40,000.00