1. Prepare an aging of accounts receivable and compute uncollectible accounts expense. Aging of accounts receivable method - Excel FORMULAS Sign In FILE HOME INSERT PAGE LAYOUT DATA REVIEW VIEW Calibri -11 A A Alignment Number Conditional Format as Cell Formatting Table Styles Cells Editing Paste BIU Clipboard a Font Styles A1 fe Xercise Cycles Company sells exercise equipment to gyms on account. At year D 1 Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected. 2 3 Required: 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). 5 6 Number of Invoice Date 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2016 11/20/2016 10/2/2016 Today's Date 12/31/2016 12/31/2016| 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016| 7 Customer Days Unpaid Amount 2,500 8 Fitness Mania 9 Health for Life 2,000 10 Holistic Health Options 12,750 11 Image Reimaging 12 Today's Gym World 7,000 4,600 15,900 3,800 48,550 13 Whole Life Fitness Center 14 Workouts Unlimited 15 Total 24 16 | 17 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each customer 18 amount belongs. 19 The IF statement may include the following arguments: <, >, >=, <=, Excel AND FUNCTION (fx). 20 | 21 Number of Days Unpaid 31-60 22 0-30 61-90 Over 90 Total Customer Sheet1 ... READY 曲 100%
The Effect Of Prepaid Taxes On Assets And Liabilities
Many businesses estimate tax liability and make payments throughout the year (often quarterly). When a company overestimates its tax liability, this results in the business paying a prepaid tax. Prepaid taxes will be reversed within one year but can result in prepaid assets and liabilities.
Final Accounts
Financial accounting is one of the branches of accounting in which the transactions arising in the business over a particular period are recorded.
Ledger Posting
A ledger is an account that provides information on all the transactions that have taken place during a particular period. It is also known as General Ledger. For example, your bank account statement is a general ledger that gives information about the amount paid/debited or received/ credited from your bank account over some time.
Trial Balance and Final Accounts
In accounting we start with recording transaction with journal entries then we make separate ledger account for each type of transaction. It is very necessary to check and verify that the transaction transferred to ledgers from the journal are accurately recorded or not. Trial balance helps in this. Trial balance helps to check the accuracy of posting the ledger accounts. It helps the accountant to assist in preparing final accounts. It also helps the accountant to check whether all the debits and credits of items are recorded and posted accurately. Like in a balance sheet debit and credit side should be equal, similarly in trial balance debit balance and credit balance should tally.
Adjustment Entries
At the end of every accounting period Adjustment Entries are made in order to adjust the accounts precisely replicate the expenses and revenue of the current period. It is also known as end of period adjustment. It can also be referred as financial reporting that corrects the errors made previously in the accounting period. The basic characteristics of every adjustment entry is that it affects at least one real account and one nominal account.
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