The accounts receivable clerk for Summit Industries prepared the following partially completed aging of receivables schedule as

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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:

|D E F Days Past Due Not Past Over 1-30 2,000 31-60 Customer 4 Abbott Brothers Inc. Alonso Company Balance Due 61-90 90


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.
b. Complete the aging-of-receivables schedule by including the omittedaccounts.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...
Aging Schedule
Aging schedule is an accounting table that shows a company’s account receivables. It is an summarized presentation of accounts receivable into a separate time brackets that the rank received based upon the days due or the days past due. Generally...
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Related Book For  answer-question

Accounting

ISBN: 978-0324662962

23rd Edition

Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren

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