Number of Days Past Due Determine the number of days each account is past due as
ID: 2460127 • Letter: N
Question
Number of Days Past Due
Determine the number of days each account is past due as of October 31.
The accounts receivable clerk for Quigley 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:
a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0.
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Solution
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.
Quigley Industries
Aging of Receivables Schedule
November 30
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
Able Brothers Inc.
$ 4,300
$ 4,300
Correct 14 of Item 2
Correct 15 of Item 2
Correct 16 of Item 2
Correct 17 of Item 2
Accent Company
4,900
Correct 20 of Item 2
4,900
Correct 22 of Item 2
Correct 23 of Item 2
Correct 24 of Item 2
Zumpano Company
8,300
Correct 27 of Item 2
Correct 28 of Item 2
8,300
Correct 30 of Item 2
Correct 31 of Item 2
Subtotals
856,900
517,600
188,500
82,300
42,800
25,700
Beltran Industries
Correct 40 of Item 2
Correct 41 of Item 2
Correct 42 of Item 2
Correct 43 of Item 2
Correct 44 of Item 2
Correct 45 of Item 2
Doodle Company
Correct 47 of Item 2
Correct 48 of Item 2
Correct 49 of Item 2
Correct 50 of Item 2
Correct 51 of Item 2
Correct 52 of Item 2
La Corp Inc.
Correct 54 of Item 2
Correct 55 of Item 2
Correct 56 of Item 2
Correct 57 of Item 2
Correct 58 of Item 2
Correct 59 of Item 2
VIP Sales Company
Correct 61 of Item 2
Correct 62 of Item 2
Correct 63 of Item 2
Correct 64 of Item 2
Correct 65 of Item 2
Correct 66 of Item 2
We-Go Company
Correct 68 of Item 2
Correct 69 of Item 2
Correct 70 of Item 2
Correct 71 of Item 2
Correct 72 of Item 2
Correct 73 of Item 2
Totals
Correct 75 of Item 2
Correct 76 of Item 2
Correct 77 of Item 2
Correct 78 of Item 2
Correct 79 of Item 2
$
Estimating Allowance for Doubtful Accounts
Quigley Industries has a past history of uncollectible accounts, as shown below.
Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below.
Quigley Industries
Aging-of-Receivables Schedule
Customer
Balance
Not Past Due
1-30 Days Past Due
31-60 Days Past Due
61-90 Days Past Due
Over 90 Days Past Due
Subtotals
814,100
480,300
179,100
73,300
40,700
40,700
Beltran Industries
18,700
18,700
Doodle Company
15,100
15,100
La Corp Inc.
7,500
7,500
VIP Sales Company
7,500
7,500
We-Go Company
23,300
23,300
Totals
886,200
503,600
186,600
80,800
55,800
59,400
Percentage uncollectible
1%
6%
25%
35%
50%
Allowance for Doubtful Accounts
Correct 47
Correct 48
Correct 49
Correct 50
Correct 51
Account Due Date Number of Days Past Due Avalanche Auto August 8 Bales Auto October 11 Derby Auto Repair June 23 Lucky's Auto Repair September 2 Pit Stop Auto September 19 Reliable Auto Repair July 15 Trident Auto August 24 Valley Repair & Tow May 17Explanation / Answer
number of days past due for each of the preceding accounts as of November 30
Aging analysis
Number of days each account is past due as of October 31 Account Due Date Number of Days Past Due Avalanche Auto 8-Aug-15 84 Bales Auto 11-Oct-15 20 Derby Auto Repair 23-Jun-15 130 Lucky's Auto Repair 2-Sep-15 59 Pit Stop Auto 19-Sep-15 42 Reliable Auto Repair 15-Jul-15 108 Trident Auto 24-Aug-15 68 Valley Repair & Tow 17-May-15 167Related Questions
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