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.	3,800		3,800
Ascent Company	5,400				5,400
Zoot Company	7,000						7,000
Subtotals	667,600		403,200		146,900		64,100		33,400		20,000

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

Customer	Balance		Due Date
Conover Industries	$9,300		July 10
Keystone Company	6,700		September 21
Moxie Creek Inc.	13,400		October 16
Rainbow Company	8,000		November 5
Swanson Company	18,000		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 16	days
Rainbow Company	November 5	days
Swanson Company	December 21	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.	3,800	3,800
Ascent Company	5,400		5,400
Zoot Company	7,000			7,000
Subtotals	667,600	403,200	146,900	64,100	33,400	20,000
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	Days
Keystone company	21-Sep	70	Days
Moxie Creek Inc.	16-Oct	45	Days
Rainbow Company	5-Nov	25	Days
Swanson Company	21-Dec	0	Days

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.	$3,000.00	$3,800.00
Ascent Company	$4,500.00		$5,400.00
Zoot Company	$5,000.00			$7,000.00
Subtotals	$667,600.00	$403,200.00	$146,900.00	$64,100.00	$33,400.00	$20,000.00
Conover industries	$9,300.00					$9,300.00
Keystone company	$6,700.00				$6,700.00
Moxie Creek Inc.	$13,400.00			$13,400.00
Rainbow Company	$8,000.00		$8,000.00
Swanson Company	$18,000.00	$18,000.00
Totals	$723,000.00	$421,200.00	$154,900.00	$77,500.00	$40,100.00	$29,300.00