Question

1. Aging of Receivables Schedule

   The A claim against the customer created by selling merchandise or services on credit.accounts receivable clerk for Evers 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
   Acme Industries Inc.	3,400		3,400
   Alliance Company	4,600				4,600
   Zollinger Company	7,400						7,400
   Subtotals	759,400		458,600		167,100		72,900		38,000		22,800

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

   Customer	Balance		Due Date
   Boyd Industries	$10,600		July 10
   Hodges Company	7,600		September 20
   Kent Creek Inc.	15,200		October 18
   Lockwood Company	9,100		November 5
   Van Epps Company	20,500		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
   Boyd Industries	July 10	days
   Hodges Company	September 20	days
   Kent Creek Inc.	October 18	days
   Lockwood Company	November 5	days
   Van Epps Company	December 21	days

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   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.

   Evers 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
   Acme Industries Inc.	$3,400	$3,400	$	$	$	$
   Alliance Company	4,600		4,600
   Zollinger Company	7,400			7,400
   Subtotals	759,400	458,600	167,100	72,900	38,000	22,800
   Boyd Industries
   Hodges Company
   Kent Creek Inc.
   Lockwood Company
   Van Epps Company
   Totals	$	$	$	$	$	$

Answer 1

Solution a:

Customer	Due Date	Number of Days Past Due
Boyd Industries	10-Jul	143	Days
Hodges company	20-Sep	71	Days
Kent Creek Inc.	18-Oct	43	Days
Lockwood company	5-Nov	25	Days
Van Epps company	21-Dec	0	Days

Solution b:

Evers Industries
Aging of Receivables Schedule
31-Aug
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
Acme Industries Inc.	$3,400.00	$3,400.00
Alliance Company	$4,600.00		$4,600.00
Zollinger Company	$7,400.00			$7,400.00
Subtotals	$759,400.00	$458,600.00	$167,100.00	$72,900.00	$38,000.00	$22,800.00
Boyd Industries	$10,600.00					$10,600.00
Hodges company	$7,600.00				$7,600.00
Kent Creek Inc.	$15,200.00			$15,200.00
Lockwood company	$9,100.00		$9,100.00
Van Epps company	$20,500.00	$20,500.00
Totals	$822,400.00	$479,100.00	$176,200.00	$88,100.00	$45,600.00	$33,400.00