Aging of Receivables Schedule The 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. 3,400 3,400 Ascent Company 5,900 5,900 Zoot Company 9,400 9,400 Subtotals 685,800 414,200 150,900 65,800 34,300 20,600 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $9,600 July 9 Keystone Company 6,900 September 20 Moxie Creek Inc. 13,700 October 17 Rainbow Company 8,200 November 4 Swanson Company 18,500 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.

Aging of Receivables Schedule The 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. 3,400 3,400 Ascent Company 5,900 5,900 Zoot Company 9,400 9,400 Subtotals 685,800 414,200 150,900 65,800 34,300 20,600 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $9,600 July 9 Keystone Company 6,900 September 20 Moxie Creek Inc. 13,700 October 17 Rainbow Company 8,200 November 4 Swanson Company 18,500 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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4. What happens when you complete the Manage Bounced Cheque form? a. The invoice will be marked unpaid, and the process ends. b. An invoice will be created for the bank fee that you pass along to the customer, and the process ends. c. The invoice total is increased by the amount of the bank fee, and the process ends. d. The invoice will be marked unpaid, the fees for the invoice and the bank charge will be deducted from the business's bank account, and an invoice will be created for the bank fee that you pass along to the customer. PLEASE KINDLY EXPLAIN YOUR CHOICE OF ANSWER.
Janet works in the credit department handling accounts receivable transactions. At the end of each period, the allowance for uncollectible accounts has a larger and larger debit balance. What may be going wrong here? What possible corrections should be made?
Please help me to solve this problem
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Which of the following is/are true regarding the T-account? a. the name or title of the account appears on the horizontal line. b. dates and other information can appear in T-accounts. c. one side of the space formed by the vertical line records increases in the item and the other side records decreases. d. all of the above Select one: A. dates and other information can appear in T-accounts. B. one side of the space formed by the vertical line records increases in the item and the other side records decreases. C. all of the above D. the name or title of the account appears on the horizontal line.
I tihnk this solution is inomplete as it requires bank reconcillation and also adjusting entries. The instructions are mentioned below in the screenshot.
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Wildhorse Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2025. Wildhorse had the following transactions related to notes payable Sept. 1 Sept. 30 Oct. 1 Oct. 31 Nov. 1 Nov. 30 Dec. 1 Dec. 31 Issued a $13,200 note to Pippen to purchase inventory. The 3-month note payable bears interest of 9% and is due December 1. (Wildhorse uses a perpetual inventory system) Recorded accrued interest for the Pippen note. Issued a $22,800, 9%, 4-month note to Prime Bank to finance the purchase of a new climbing wall for advanced climbers. The note is due February 1. Recorded accrued interest for the Pippen note and the Prime Bank note. Issued a $24,000 note and paid $7,600 cash to purchase a vehicle to transport clients to nearby climbing sites as part of a new series of climbing classes. This note bears interest of 6% and matures in 12 months. Recorded accrued interest for the Pippen note, the Prime Bank note, and…