Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts...
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Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected. Required: 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). Number of Amount Invoice Date 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2016 Customer Days Unpaid Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World 2,500 2,000 12,750 7,000 4,600 Today's Date 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 197 10 80 26 32 Whole Life Fitness Center 15,900 3,800 48,550 11/20/2016 41 Workouts Unlimited 10/2/2016 90 Total 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 customer amount belongs. The IF statement may include the following arguments: <,>,>=, cs, Excel AND FUNCTION (fx). Number of Days Unpaid 61-90 Customer 0-30 31-60 Over 90 Total Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World Whole Life Fitness Center Workouts Unlimited SO Total Accounts Receivable Estimated Uncollectible( %) Estimated Uncollectible ($) 2% 10% 20% 40% 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $250 credit balance Bad Debt Expense Allowance for Doubtful Accounts 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $100 debit balance Bad Debt Expense Allowance for Doubtful Accounts Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected. Required: 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). Number of Amount Invoice Date 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2016 Customer Days Unpaid Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World 2,500 2,000 12,750 7,000 4,600 Today's Date 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 197 10 80 26 32 Whole Life Fitness Center 15,900 3,800 48,550 11/20/2016 41 Workouts Unlimited 10/2/2016 90 Total 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each customer amount belongs. The IF statement may include the following arguments: <,>,>=, cs, Excel AND FUNCTION (fx). Number of Days Unpaid 61-90 Customer 0-30 31-60 Over 90 Total Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World Whole Life Fitness Center Workouts Unlimited SO Total Accounts Receivable Estimated Uncollectible( %) Estimated Uncollectible ($) 2% 10% 20% 40% 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $250 credit balance Bad Debt Expense Allowance for Doubtful Accounts 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $100 debit balance Bad Debt Expense Allowance for Doubtful Accounts Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected. Required: 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). Number of Amount Invoice Date 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2016 Customer Days Unpaid Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World 2,500 2,000 12,750 7,000 4,600 Today's Date 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 197 10 80 26 32 Whole Life Fitness Center 15,900 3,800 48,550 11/20/2016 41 Workouts Unlimited 10/2/2016 90 Total 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each customer amount belongs. The IF statement may include the following arguments: <,>,>=, cs, Excel AND FUNCTION (fx). Number of Days Unpaid 61-90 Customer 0-30 31-60 Over 90 Total Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World Whole Life Fitness Center Workouts Unlimited SO Total Accounts Receivable Estimated Uncollectible( %) Estimated Uncollectible ($) 2% 10% 20% 40% 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $250 credit balance Bad Debt Expense Allowance for Doubtful Accounts 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $100 debit balance Bad Debt Expense Allowance for Doubtful Accounts Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected. Required: 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). Number of Amount Invoice Date 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2016 Customer Days Unpaid Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World 2,500 2,000 12,750 7,000 4,600 Today's Date 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 197 10 80 26 32 Whole Life Fitness Center 15,900 3,800 48,550 11/20/2016 41 Workouts Unlimited 10/2/2016 90 Total 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each customer amount belongs. The IF statement may include the following arguments: <,>,>=, cs, Excel AND FUNCTION (fx). Number of Days Unpaid 61-90 Customer 0-30 31-60 Over 90 Total Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World Whole Life Fitness Center Workouts Unlimited SO Total Accounts Receivable Estimated Uncollectible( %) Estimated Uncollectible ($) 2% 10% 20% 40% 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $250 credit balance Bad Debt Expense Allowance for Doubtful Accounts 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $100 debit balance Bad Debt Expense Allowance for Doubtful Accounts Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected. Required: 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). Number of Amount Invoice Date 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2016 Customer Days Unpaid Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World 2,500 2,000 12,750 7,000 4,600 Today's Date 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 197 10 80 26 32 Whole Life Fitness Center 15,900 3,800 48,550 11/20/2016 41 Workouts Unlimited 10/2/2016 90 Total 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each customer amount belongs. The IF statement may include the following arguments: <,>,>=, cs, Excel AND FUNCTION (fx). Number of Days Unpaid 61-90 Customer 0-30 31-60 Over 90 Total Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World Whole Life Fitness Center Workouts Unlimited SO Total Accounts Receivable Estimated Uncollectible( %) Estimated Uncollectible ($) 2% 10% 20% 40% 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $250 credit balance Bad Debt Expense Allowance for Doubtful Accounts 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $100 debit balance Bad Debt Expense Allowance for Doubtful Accounts Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected. Required: 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). Number of Amount Invoice Date 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2016 Customer Days Unpaid Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World 2,500 2,000 12,750 7,000 4,600 Today's Date 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 197 10 80 26 32 Whole Life Fitness Center 15,900 3,800 48,550 11/20/2016 41 Workouts Unlimited 10/2/2016 90 Total 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each customer amount belongs. The IF statement may include the following arguments: <,>,>=, cs, Excel AND FUNCTION (fx). Number of Days Unpaid 61-90 Customer 0-30 31-60 Over 90 Total Fitness Mania Health for Life Holistic Health Options Image Reimaging Today's Gym World Whole Life Fitness Center Workouts Unlimited SO Total Accounts Receivable Estimated Uncollectible( %) Estimated Uncollectible ($) 2% 10% 20% 40% 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $250 credit balance Bad Debt Expense Allowance for Doubtful Accounts 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts had the following unadjusted balance: Allowance for Doubtful Accounts $100 debit balance Bad Debt Expense Allowance for Doubtful Accounts
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Answer 1 No of days unpaid using the Excel DAYS function Customer Amount Invoice date Todays Date Nu... View the full answer
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
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