A B Receivables Using Excel for Acing Accounts Receivable 4 The Lake Luceme Company uses the allowance method of estimating bad debts expense. An aging schedule is prepared in order to calculate the balance in the 5 The percentage uncollectible is calculated as follows: 1-30 Days 1% 31-60 Days 61-90 Days 191-365 Days After 365 days, the account is written off 12 Use the blue shaded areas on the ENTER ANSWERS tab for inputs. ALWAYS use cell references and formulas where appropriate to receive full credit. Copy/pasting values will NOT earn full points. Requirements 1 Calculate the number of days each receivable is outstanding 2 Complete the Schedule of Accounts Receivable 3 Journalize the adjusting entry for Bad Debts Expense. For al requirements, enteral amounts as positive values. Do not use a minus ignor parentheses for any values. 1 Use the DAYS function to calculate the number of days between the invoice date and the date of the aging schedule 2 Use the VLOOKUP function to provide the uncollectible accounts percentage based on the days outstanding 3 Use IF and AND functions to determine in which column of the Accounts Receivable Schedule to place the amount for each customer 4 Format cells using number and percentage formats 5 Use formulas to calculate total 6 Use the increase Indent button to Indent the credit account for the journal entry 7 Uke Absolute references to refer to a table in the VLOOKUP formula 33 Excel Tips DAYS function Formulareturns the number of days Formula between the two DAYSanddate, startdate) 45-DAYS(36,036) 1/15/18 39 VLOOKUP function Given a table with amounts and uncollectie percentages, you can us. VLOOKUP to determine the collectible rate for a specific number. Table Array Paste B IV EE 2 M erge Center % ) . Conditional Format Formatting as Table Col Styles t Delete Format 1 RRRR Lack the value of h e stoms Once you find the valu e s the same the consumin t um the the secondom. The sumbered in the ord e r where comes from Since the uncollectible percentis found in cou n ter for the sectible percent would be found in the w in d o. @ 300TDX2 SA of the l ead t he wideplay C ong. The hevilly the value be d because -31 & ply other de n dugay s ayong 11 E splays, then EVOL pythe Instructions ENTERANSWERS Ready MacBook Pro A B Receivables Using Excel for Acing Accounts Receivable 4 The Lake Luceme Company uses the allowance method of estimating bad debts expense. An aging schedule is prepared in order to calculate the balance in the 5 The percentage uncollectible is calculated as follows: 1-30 Days 1% 31-60 Days 61-90 Days 191-365 Days After 365 days, the account is written off 12 Use the blue shaded areas on the ENTER ANSWERS tab for inputs. ALWAYS use cell references and formulas where appropriate to receive full credit. Copy/pasting values will NOT earn full points. Requirements 1 Calculate the number of days each receivable is outstanding 2 Complete the Schedule of Accounts Receivable 3 Journalize the adjusting entry for Bad Debts Expense. For al requirements, enteral amounts as positive values. Do not use a minus ignor parentheses for any values. 1 Use the DAYS function to calculate the number of days between the invoice date and the date of the aging schedule 2 Use the VLOOKUP function to provide the uncollectible accounts percentage based on the days outstanding 3 Use IF and AND functions to determine in which column of the Accounts Receivable Schedule to place the amount for each customer 4 Format cells using number and percentage formats 5 Use formulas to calculate total 6 Use the increase Indent button to Indent the credit account for the journal entry 7 Uke Absolute references to refer to a table in the VLOOKUP formula 33 Excel Tips DAYS function Formulareturns the number of days Formula between the two DAYSanddate, startdate) 45-DAYS(36,036) 1/15/18 39 VLOOKUP function Given a table with amounts and uncollectie percentages, you can us. VLOOKUP to determine the collectible rate for a specific number. Table Array Paste B IV EE 2 M erge Center % ) . Conditional Format Formatting as Table Col Styles t Delete Format 1 RRRR Lack the value of h e stoms Once you find the valu e s the same the consumin t um the the secondom. The sumbered in the ord e r where comes from Since the uncollectible percentis found in cou n ter for the sectible percent would be found in the w in d o. @ 300TDX2 SA of the l ead t he wideplay C ong. The hevilly the value be d because -31 & ply other de n dugay s ayong 11 E splays, then EVOL pythe Instructions ENTERANSWERS Ready MacBook Pro