Aging of receivables scheduleThe accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31:CustomerAcme Industries Inc.Alliance CompanyZollinger CompanySubtotalsCustomerBoyd IndustriesHodges CompanyKent Creek Inc.Lockwood CompanyVan Epps CompanyCustomerBalanceBoyd IndustriesHodges CompanyKent Creek Inc.3,0004,5005,000Lockwood CompanyVan Epps Company1,050,000 600,000The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals:Not Past Days Past Due Days Past Due Days Past Due Days Past DueDue1-3031-6061-90Over 903,000Balance Due DateApril 7May 29June 8$36,00011,5006,6007,40013,000Due DateApril 7May 29June 84,500220,000a. 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.August 10July 25,000115,000August 10July 285,00030,000Number of Days Past Duedaysdaysdaysdaysdays 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 IndustriesAging of Receivables ScheduleJuly 31CustomerAcme Industries Inc.Alliance CompanyZollinger CompanySubtotalsBoyd IndustriesHodges CompanyKent Creek Inc.Lockwood CompanyVan Epps CompanyTotalsBalance$3,0004,5005,0001,050,000Not Past Days Past Days Past Days Past Days PastDue Due 1-30 Due 31-60 Due 61-90 Due Over 90$3,000$4,500600,000 220,0005,000115,00085,00030,000

Allowance for doubtful accounts is a contra asset account and is deducted from the accounts…

The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31: Customer Acme Industries Inc. Alliance Company Zollinger Company Subtotals Customer Boyd Industries Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company Customer Balance Boyd Industries Hodges Company Kent Creek Inc. 3,000 4,500 5,000 Lockwood Company Van Epps Company Not Past Days Past Due Days Past Due Days Past Due Days Past Due Due 1-30 31-60 61-90 Over 90 3,000 1,050,000 600,000 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: 4,500 220,000 Balance Due Date $36,000 April 7 11,500 May 29 6,600 June 8 7,400 August 10 13,000 July 2 Due Date April 7 May 29 June 8. 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. August 10 July 2 5,000 115,000 85,000 30,000 Number of Days Past Due days days days. days days.

The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31: Customer Acme Industries Inc. Alliance Company Zollinger Company Subtotals Customer Boyd Industries Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company Customer Balance Boyd Industries Hodges Company Kent Creek Inc. 3,000 4,500 5,000 Lockwood Company Van Epps Company Not Past Days Past Due Days Past Due Days Past Due Days Past Due Due 1-30 31-60 61-90 Over 90 3,000 1,050,000 600,000 The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: 4,500 220,000 Balance Due Date $36,000 April 7 11,500 May 29 6,600 June 8 7,400 August 10 13,000 July 2 Due Date April 7 May 29 June 8. 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. August 10 July 2 5,000 115,000 85,000 30,000 Number of Days Past Due days days days. days days.

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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