2 3 Required: 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUN

Question

2 3 Required: 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (x). Number of Invoice Date Today's Date Days Unpaid Cust Amount 8 Fitness Mania 9 Health for Life 10 Holistic Health Options 11 Image Reimaging 12 Today's Gym World 13 Whole Life Fitness Center 14 Workouts Unlimited 15 Total 16 2,500 2,000 12,750 7,000 4,600 15,900 3800 | 48.550 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2016 11/20/2016 0/2/2016| 12/31/2016 12/31/201 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016| 17 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each 18 customer amount belongs. Excel AND FUNCTION (h) 19 The IF statement may include the following arguments: 20 .>e, 21 Number of Days Unpaid

Explanation / Answer

Answer 1. Customer Amount Invoice Date Today's Date No. of Days Unpaid Fitness Mania         2,500.00 6/17/2016 12/31/2016 197 Health for Life         2,000.00 12/21/2016 12/31/2016 10 Holistic Health Options      12,750.00 10/12/2016 12/31/2016 21 Image Reimaging         7,000.00 12/5/2016 12/31/2016 233 Today's Gym World         4,600.00 11/29/2016 12/31/2016 32 Whole Life Fitness Center      15,900.00 11/20/2016 12/31/2016 41 Workouts Unlimited         3,800.00 10/2/2016 12/31/2016 282 Total      48,550.00 Answer 2. Number of Days Unpaid Total 0 - 30 31 - 60 61 - 90 Over 90 Fitness Mania               2,500.00          2,500.00 Health for Life         2,000.00          2,000.00 Holistic Health Options      12,750.00        12,750.00 Image Reimaging               7,000.00          7,000.00 Today's Gym World             4,600.00          4,600.00 Whole Life Fitness Center           15,900.00        15,900.00 Workouts Unlimited               3,800.00          3,800.00 Total      14,750.00           20,500.00                          -              13,300.00        48,550.00 Estimated Uncollectible (%) 2% 10% 20% 40% Estimated Uncollectible ($)            295.00             2,050.00                          -                 5,320.00          7,665.00 Answer 3. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 12/31/2016 Bad Debt Expense    7,415.00 $7,665 - $250    Allowance for Doubtful Accounts    7,415.00 (Record the bad debt expense) Answer 4. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1/0/1900 Bad Debt Expense    7,765.00 $7,665 + $100    Allowance for Doubtful Accounts    7,765.00 (Record the bad debt expense)

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