Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:
Not Days Past Due
Past Over
Customer Balance Due 1-30 31-60 61-90 90
Academy Industries Inc. 5,500 5,500
Ascent Company 5,000 5,000
Zoot Company 8,700 8,700
Subtotals 802,200 484,500 176,500 77,000 40,100 24,100
The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above:
Customer Balance Due Date
Conover Industries $11,200 July 11
Keystone Company 8,000 September 21
Moxie Creek Inc. 16,000 October 18
Rainbow Company 9,600 November 3
Swanson Company 21,700 December 21
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.
Customer Due Date Number of Days Past Due
Conover Industries July 11 days
Keystone Company September 21 days
Moxie Creek Inc. October 18 days
Rainbow Company November 3 days
Swanson Company December 21 days
Feedback
a. Do not include the due date in your count. Remember that not all months have an equal number of days.
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.
Kirchhoff 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
Academy Industries Inc. 5,500 5,500
Ascent Company 5,000 5,000
Zoot Company 8,700 8,700
Subtotals 802,200 484,500 176,500 77,000 40,100 24,100
Conover Industries
Keystone Company
Moxie Creek Inc.
Rainbow Company
Swanson Company
