Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Indust
ID: 2572746 • Letter: A
Question
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 Past Due Days Past Due Over 31-60 90 Customer Academy Industries Inc. Ascent Company Balance 1-30 61-90 3,000 3,000 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 Conover Industries Keystone Company Moxie Creek Inc. Rainbow Company Swanson Company Balance Due Date $30,000 March 22 18,000 July 1 9,000 July 25 26,400 September 10 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 Conover Industries Keystone Company Due Date March 22 July 1 Number of Days Past Due 162 days 61 daysExplanation / Answer
CONOVER
30000
>120 DAYS
KEYSTONE
18000
61 DAYS
MAXIE
9000
36 DAYS
RAINBOW
26400
0
SWANSON
46600
0
B)
DAYS
CUSTOMER
BALANCE
$
NOT PAST DUE
1-30
31-60
61-90
0VER 90
$
ACADEMY INDUS INCORP
3000
3000
ASCENT
4500
4500
ZOOT
5000
5000
SUB TOTAL
1,050,000
600,000
220,000
115,000
85,000
30,000
CONOVER
30000
30000
KEYSTONE
18000
18000
MAXIE
9000
9000
RAINBOW
26400
26400
SWANSON
46600
46600
1,180,000
673000
220000
142000
85000
60000
CONOVER
30000
>120 DAYS
KEYSTONE
18000
61 DAYS
MAXIE
9000
36 DAYS
RAINBOW
26400
0
SWANSON
46600
0