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The accounts receivable clerk for Summit Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: The following accounts were...

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The accounts receivable clerk for Summit Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:

The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above:

Customer Balance Due Date
Cottonwood Industries $14,300 July 6
Fargo Company 17,700 September 17
Garfield Inc. 8,500 October 17
Sadler Company 10,000 November 2
Twitty Company 25,000 December 23

a. Determine the number of days past due for each of the preceding accounts.
b. Complete the aging-of-receivables schedule by including the omittedaccounts.
Answered Same Day Dec 29, 2021

Solution

Robert answered on Dec 29 2021
117 Votes
a. Customer Due Date Number of Days Past Due
Tamika Industries August 24 98 days (7 + 30 + 31 + 30)
Ruppert Company September 3 88 days (27 + 31 + 30)
Welborne Inc. October 17 44 days (14 + 30)
Kristi Company November 5 25 days
Simrill Company December 3 Not past due
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