Question

Aging of Receivables Schedule

The 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.	5,500		5,500
Alliance Company	4,600				4,600
Zollinger Company	11,100						11,100
Subtotals	759,300		458,600		167,000		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 11
Hodges Company	7,600		September 19
Kent Creek Inc.	15,200		October 17
Lockwood Company	9,100		November 3
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 11	days
Hodges Company	September 19	days
Kent Creek Inc.	October 17	days
Lockwood Company	November 3	days
Van Epps 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.

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.	$5,500	$5,500	$	$	$	$
Alliance Company	4,600		4,600
Zollinger Company	11,100			11,100
Subtotals	759,300	458,600	167,000	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	11-Jul	142	Days
Hodges Company	19-Sep	72	Days
Kent Creek Inc.	17-Oct	44	Days
Lockwood Company	3-Nov	27	Days
Van Epps Company	21-Dec	0	Days

Solution b:

Evers 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
Acme Industries Inc.	$5,500.00	$5,500.00	$	$	$	$
Alliance Company	$4,600.00		$4,600.00
Zollinger Company	$11,100.00			$11,100.00
Subtotals	$759,300.00	$458,600.00	$167,000.00	$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	$822,300.00	$479,100.00	$176,100.00	$88,100.00	$45,600.00	$33,400.00