Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. there have been issues with the timely collection

There have been issues with the timely collection of receivables. Some customers seem to be...

90.2K

Verified Solution

Question

Accounting

There have been issues with the timely collection of receivables. Some customers seem to be consistently slow in paying their invoices. All outstanding debtors currently have credit terms of 15 days after the invoice date (payment is due 15 days after the invoice date). No discount is provided for early payment.

The schedule of accounts receivable that was entered into Xero at 1 July 2022 showed the following:

Schedule of Accounts Receivable as at 30 June 2022

Account No.

Account Name

Amount ($)

R1002

Black Bean Espresso

Invoice 3501, due 05 July 2021

11,840

R1010

Tonys Bar and Grill

Invoice 3505, due 10 July 2021

8,300

R1020

Vesuvios Italian Ristorante

Invoice 3520, due 12 July 2021

7,910

R1030

Derwent River Cafe

Invoice 3535, due 13 July 2021

11,310

39,360

  1. How can we improve the collection of receivables.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students