Instructions The accounts receivable clerk for Waddell Industries prepared the f
ID: 2496619 • Letter: I
Question
Instructions
The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31:
1
A
B
C
D
E
F
G
2
Days Past Due
Days Past Due
Days Past Due
Days Past Due
3
Customer
Balance
Not Past Due
1-30
31-60
61-90
Over 90
4
Acme Industries Inc.
3,000.00
3,000.00
5
Alliance Company
4,500.00
4,500.00
6
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
7
Zollinger Company
5,000.00
5,000.00
8
Subtotals
1,050,000.00
600,000.00
220,000.00
115,000.00
85,000.00
30,000.00
The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals:
Required:
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.
Starting Question
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 a zero.
Aging of Recievables Schedule
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.
Waddell Industries
Aging of Receivables Schedule
August 31
1
Days Past Due
Days Past Due
Days Past Due
Days Past Due
2
Customer
Balance
Not Past Due
1-30
31-60
61-90
Over 90
3
Acme Industries Inc.
3,000.00
3,000.00
4
Alliance Company
4,500.00
4,500.00
5
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
6
Zollinger Company
5,000.00
5,000.00
7
Subtotals
1,050,000.00
600,000.00
220,000.00
115,000.00
85,000.00
30,000.00
8
Builders Industries
9
Elkhorn Company
10
Granite Creek Inc.
11
Lockwood Company
12
Teton Company
13
Totals
1
A
B
C
D
E
F
G
2
Days Past Due
Days Past Due
Days Past Due
Days Past Due
3
Customer
Balance
Not Past Due
1-30
31-60
61-90
Over 90
4
Acme Industries Inc.
3,000.00
3,000.00
5
Alliance Company
4,500.00
4,500.00
6
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
7
Zollinger Company
5,000.00
5,000.00
8
Subtotals
1,050,000.00
600,000.00
220,000.00
115,000.00
85,000.00
30,000.00
Explanation / Answer
Instructions The accounts receivable clerk for Waddell Industries prepared the f