In: Accounting
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 July
31:
Not | Days Past Due | |||||||||||
Past | Over | |||||||||||
Customer | Balance | Due | 1-30 | 31-60 | 61-90 | 90 | ||||||
Acme Industries Inc. | 3,000 | 3,000 | ||||||||||
Alliance Company | 4,500 | 4,500 | ||||||||||
Zollinger Company | 5,000 | 5,000 | ||||||||||
Subtotals | 1,050,000 | 600,000 | 220,000 | 115,000 | 85,000 | 30,000 |
The following accounts were unintentionally omitted from the
aging schedule and not included in the preceding
subtotals:
Customer | Balance | Due Date | |
Boyd Industries | $36,000 | April 7 | |
Hodges Company | 11,500 | May 29 | |
Kent Creek Inc. | 6,600 | June 8 | |
Lockwood Company | 7,400 | August 10 | |
Van Epps Company | 13,000 | July 2 |
a. Determine the number of days past due for each of the preceding accounts as of July 31. If an account is not past due, enter 0.
Customer | Due Date | Number of Days Past Due |
Boyd Industries | April 7 | fill in the blank 7a2c9ffdffa2fd7_1 days |
Hodges Company | May 29 | fill in the blank 7a2c9ffdffa2fd7_2 days |
Kent Creek Inc. | June 8 | fill in the blank 7a2c9ffdffa2fd7_3 days |
Lockwood Company | August 10 | fill in the blank 7a2c9ffdffa2fd7_4 days |
Van Epps Company | July 2 | fill in the blank 7a2c9ffdffa2fd7_5 days |
Feedback
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 | ||||||
July 31 | ||||||
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. | $3,000 | $3,000 | $fill in the blank 2a6315fec00afc1_1 | $fill in the blank 2a6315fec00afc1_2 | $fill in the blank 2a6315fec00afc1_3 | $fill in the blank 2a6315fec00afc1_4 |
Alliance Company | 4,500 | fill in the blank 2a6315fec00afc1_5 | 4,500 | fill in the blank 2a6315fec00afc1_6 | fill in the blank 2a6315fec00afc1_7 | fill in the blank 2a6315fec00afc1_8 |
Zollinger Company | 5,000 | fill in the blank 2a6315fec00afc1_9 | fill in the blank 2a6315fec00afc1_10 | 5,000 | fill in the blank 2a6315fec00afc1_11 | fill in the blank 2a6315fec00afc1_12 |
Subtotals | 1,050,000 | 600,000 | 220,000 | 115,000 | 85,000 | 30,000 |
Boyd Industries | fill in the blank 2a6315fec00afc1_13 | fill in the blank 2a6315fec00afc1_14 | fill in the blank 2a6315fec00afc1_15 | fill in the blank 2a6315fec00afc1_16 | fill in the blank 2a6315fec00afc1_17 | fill in the blank 2a6315fec00afc1_18 |
Hodges Company | fill in the blank 2a6315fec00afc1_19 | fill in the blank 2a6315fec00afc1_20 | fill in the blank 2a6315fec00afc1_21 | fill in the blank 2a6315fec00afc1_22 | fill in the blank 2a6315fec00afc1_23 | fill in the blank 2a6315fec00afc1_24 |
Kent Creek Inc. | fill in the blank 2a6315fec00afc1_25 | fill in the blank 2a6315fec00afc1_26 | fill in the blank 2a6315fec00afc1_27 | fill in the blank 2a6315fec00afc1_28 | fill in the blank 2a6315fec00afc1_29 | fill in the blank 2a6315fec00afc1_30 |
Lockwood Company | fill in the blank 2a6315fec00afc1_31 | fill in the blank 2a6315fec00afc1_32 | fill in the blank 2a6315fec00afc1_33 | fill in the blank 2a6315fec00afc1_34 | fill in the blank 2a6315fec00afc1_35 | fill in the blank 2a6315fec00afc1_36 |
Van Epps Company | fill in the blank 2a6315fec00afc1_37 | fill in the blank 2a6315fec00afc1_38 | fill in the blank 2a6315fec00afc1_39 | fill in the blank 2a6315fec00afc1_40 | fill in the blank 2a6315fec00afc1_41 | fill in the blank 2a6315fec00afc1_42 |
Totals | $fill in the blank 2a6315fec00afc1_43 | $fill in the blank 2a6315fec00afc1_44 | $fill in the blank 2a6315fec00afc1_45 | $fill in the blank 2a6315fec00afc1_46 | $fill in the blank 2a6315fec00afc1_47 | $fill in the blank 2a6315fec00afc1_48 |
a) Computation of number of days past due for each of the accounts as of July 31
Customer | Due Date | Number of Days Past Due |
Boyd Industries | April 7 | 115 days (30-7+ 31+30+31) |
Hodges Company | May 29 | 63 days(31-29+30+31) |
Kent Creek Inc. | June 8 | 53 days(30-8+31) |
Lockwood Company | August 10 | 0 |
Van Epps Company | July 2 | 29 days(31-2) |
b)
Evers Industries
Aging of Receivables Schedule
July 31
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. | $3,000 | $3,000 | ||||
Alliance Company | $4,500 | $4,500 | ||||
Zollinger Company | $5,000 | $5,000 | ||||
Subtotals | $1,050,000 | $600,000 | $220,000 | $115,000 | $85,000 | $30,000 |
Boyd Industries | $36,000 | $36,000 | ||||
Hodges Company | $11,500 | $11,500 | ||||
Kent Creek Inc. | $6,600 | $6,600 | ||||
Lockwood Company | $7,400 | $7,400 | ||||
Van Epps Company | $13,000 | $13,000 | ||||
Totals | $1,124,500 | $607,400 | $233,000 | $121,600 | $96,500 | $66,000 |