Question

1. An aging of accounts receivable report is a summary of all amounts due. It tells you at a glance:

• Which client owes you money
• How much money they owe
• How much of their account balances are past due

This report should be created monthly.

Please create an accounts receivable aging report based on the following customer information and assuming today is March 13. Terms are 2 10 net 30. Please remember, customers who don’t pay in 30 days will be charged interest.

Customer	Invoice Date	Amount Due
In the Pen Co.	March 10	$1,000
Technocolor Co.	March 7	$4,000
Crayola Co.	Feb 9	$1,500
In the Pen Co.	Feb 5	$1,000
Technocolor Co.	Jan 31	$500
Dutiful Co.	Jan 2	$2,000
Sing Co.	Jan 1	$2,000
Crayola Co.	Dec 30	$1,500
In the Pen Co.	Dec 28	$1,000
Technocolor Co.	Dec 27	$500
Dutiful Co.	Dec 5	$3,000
Sing Co.	Dec 4	$2,000

Assignment:

Complete the accounts receivable aging report below listing the customer with the largest outstanding balance first on the report: 11pts

Aging of Accounts Receivable

Collegiate Accounting Services

1900 College Drive

Rice Lake, WI 54868

March 13, 200X

Customer	Total Due	Current	31-60 Days	61-90 Days	91-120 Days	% Not Current
Column Totals
% of Total

Answer 1

In order to answer the question first we need to identify Ageing bucket, below two table helps to understand

situvation quickly.

Customer	Invoice Date	Amount Due	Ageing Days	Ageing Bucket
In the Pen Co.	3/10/2020	$1,000	3	0 - 30 Days
Technocolor Co.	3/7/2020	$4,000	6	0 - 30 Days
Crayola Co.	2/9/2020	$1,500	33	31 - 60 Days
In the Pen Co.	2/5/2020	$1,000	37	31 - 60 Days
Technocolor Co.	1/31/2020	$500	42	31 - 60 Days
Dutiful Co.	1/2/2020	$2,000	71	61 - 90 Days
Sing Co.	1/1/2020	$2,000	72	61 - 90 Days
Crayola Co.	12/30/2019	$1,500	74	61 - 90 Days
In the Pen Co.	12/28/2019	$1,000	76	61 - 90 Days
Technocolor Co.	12/27/2019	$500	77	61 - 90 Days
Dutiful Co.	12/5/2019	$3,000	99	91 - 120 Days
Sing Co.	12/4/2019	$2,000	100	91 - 120 Days

Detailed ageing

Customer Name	0 - 30 Days	31 - 60 Days	61 - 90 Days	91 - 120 Days	Grand Total
Crayola Co.		$   1,500.00	$   1,500.00		$    3,000.00
Dutiful Co.			$   2,000.00	$      3,000.00	$    5,000.00
In the Pen Co.	$               1,000.00	$   1,000.00	$   1,000.00		$    3,000.00
Sing Co.			$   2,000.00	$      2,000.00	$    4,000.00
Technocolor Co.	$               4,000.00	$       500.00	$       500.00		$    5,000.00
Grand Total	$               5,000.00	$   3,000.00	$   7,000.00	$      5,000.00	$ 20,000.00

Category 31 - 60 , 61 to 90, and 91 to 121 days attaract interest rates.