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 August 31:     Not Days Past Due     Past       Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 3,000   3,000                   Ascent Company 4,500       4,500                 Zoot 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 Conover Industries $30,000   March 22 Keystone Company 18,000   July 1 Moxie Creek Inc. 9,000   July 25 Rainbow Company 26,400   September 10 Swanson Company 46,600   August 3

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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 August 31:

    Not Days Past Due
    Past       Over
Customer Balance Due 1-30 31-60 61-90 90
Academy Industries Inc. 3,000   3,000                  
Ascent Company 4,500       4,500              
 
Zoot 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
Conover Industries $30,000   March 22
Keystone Company 18,000   July 1
Moxie Creek Inc. 9,000   July 25
Rainbow Company 26,400   September 10
Swanson Company 46,600   August 3
a. Determine the number of days past due for each of the preceding accounts as of August 31. If an account is not past due, enter 0.
Customer
Due Date
Number of Days Past Due
Conover Industries
March 22
days
Keystone Company
July 1
days
Moxie Creek Inc.
July 25
days
Rainbow Company
September 10
days
Swanson Company
August 3
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.
Kirchhoff Industries
Aging of Receivables Schedule
August 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
Academy Industries Inc. 3,000
3,000
Ascent Company
4,500
4,500
Zoot Company
5,000
5,000
Subtotals
1,050,000 600,000
220,000
115,000
85,000
30,000
Conover Industries
Keystone Company
Moxie Creek Inc.
Rainbow Company
Swanson Company
Totals
Transcribed Image Text:a. Determine the number of days past due for each of the preceding accounts as of August 31. If an account is not past due, enter 0. Customer Due Date Number of Days Past Due Conover Industries March 22 days Keystone Company July 1 days Moxie Creek Inc. July 25 days Rainbow Company September 10 days Swanson Company August 3 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. Kirchhoff Industries Aging of Receivables Schedule August 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 Academy Industries Inc. 3,000 3,000 Ascent Company 4,500 4,500 Zoot Company 5,000 5,000 Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000 Conover Industries Keystone Company Moxie Creek Inc. Rainbow Company Swanson Company Totals
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