Question

In: Accounting

he accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule...

he 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. 2,500 2,500
Ascent Company 4,600 4,600
Zoot Company 8,600 8,600
Subtotals 709,800 428,700 156,200 68,100 35,500 21,300

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

Customer     Balance Due Date
Conover Industries $9,900 July 11
Keystone Company 7,100 September 21
Moxie Creek Inc. 14,200 October 18
Rainbow Company 8,500 November 4
Swanson Company 19,200 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 11 fill in the blank 5066b3ff902bfb8_1 days
Keystone Company September 21 fill in the blank 5066b3ff902bfb8_2 days
Moxie Creek Inc. October 18 fill in the blank 5066b3ff902bfb8_3 days
Rainbow Company November 4 fill in the blank 5066b3ff902bfb8_4 days
Swanson Company December 21 fill in the blank 5066b3ff902bfb8_5 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. 2,500 2,500 fill in the blank bd5ba7f5eff7022_1 fill in the blank bd5ba7f5eff7022_2 fill in the blank bd5ba7f5eff7022_3 fill in the blank bd5ba7f5eff7022_4
Ascent Company 4,600 fill in the blank bd5ba7f5eff7022_5 4,600 fill in the blank bd5ba7f5eff7022_6 fill in the blank bd5ba7f5eff7022_7 fill in the blank bd5ba7f5eff7022_8
Zoot Company 8,600 fill in the blank bd5ba7f5eff7022_9 fill in the blank bd5ba7f5eff7022_10 8,600 fill in the blank bd5ba7f5eff7022_11 fill in the blank bd5ba7f5eff7022_12
Subtotals 709,800 428,700 156,200 68,100 35,500 21,300
Conover Industries fill in the blank bd5ba7f5eff7022_13 fill in the blank bd5ba7f5eff7022_14 fill in the blank bd5ba7f5eff7022_15 fill in the blank bd5ba7f5eff7022_16 fill in the blank bd5ba7f5eff7022_17 fill in the blank bd5ba7f5eff7022_18
Keystone Company fill in the blank bd5ba7f5eff7022_19 fill in the blank bd5ba7f5eff7022_20 fill in the blank bd5ba7f5eff7022_21 fill in the blank bd5ba7f5eff7022_22 fill in the blank bd5ba7f5eff7022_23 fill in the blank bd5ba7f5eff7022_24
Moxie Creek Inc. fill in the blank bd5ba7f5eff7022_25 fill in the blank bd5ba7f5eff7022_26 fill in the blank bd5ba7f5eff7022_27 fill in the blank bd5ba7f5eff7022_28 fill in the blank bd5ba7f5eff7022_29 fill in the blank bd5ba7f5eff7022_30
Rainbow Company fill in the blank bd5ba7f5eff7022_31 fill in the blank bd5ba7f5eff7022_32 fill in the blank bd5ba7f5eff7022_33 fill in the blank bd5ba7f5eff7022_34 fill in the blank bd5ba7f5eff7022_35 fill in the blank bd5ba7f5eff7022_36
Swanson Company fill in the blank bd5ba7f5eff7022_37 fill in the blank bd5ba7f5eff7022_38 fill in the blank bd5ba7f5eff7022_39 fill in the blank bd5ba7f5eff7022_40 fill in the blank bd5ba7f5eff7022_41 fill in the blank bd5ba7f5eff7022_42
Totals fill in the blank bd5ba7f5eff7022_43 fill in the blank bd5ba7f5eff7022_44 fill in the blank bd5ba7f5eff7022_45 fill in the blank bd5ba7f5eff7022_46 fill in the blank bd5ba7f5eff7022_47 fill in the blank bd5ba7f5eff7022_48

Solutions

Expert Solution

a.) Customer Due Date Number of Days Past Due
Conover Industries Jul-11 142 =20+31+30+31+30
Keystone Company Sep-21 70 =9+31+30
Moxie Creek Inc. Oct-18 43 =13+30
Rainbow Company Nov-04 26
Swanson Company Dec-21 0
b.)

Kirchhoff Industries
Aging of Receivables Schedule
November .30 Amount $
Customer Balance Not Past Days Past Days Past Days Past Days Past
Due Due 1-30 Due 31-60 Due 61-90 Due Over 90
Academy Industries Inc. 2,500 2,500
Ascent Company 4,600 4,600
Zoot Company 8,600 8,600
Subtotals 709,800 428,700 156,200 68,100 35,500 21,300
Conover Industries     9,900             9,900
Keystone Company     7,100        7,100
Moxie Creek Inc. 14,200      14,200
Rainbow Company     8,500        8,500
Swanson Company 19,200    19,200
Totals 768,700 447,900 164,700 82,300 42,600 31,200

ekkarill92 answered 1 year ago
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