Chuck\'s Auto Supply distributes new and used automobile parts to local dealers

Question

Chuck's Auto Supply distributes new and used automobile parts to local dealers through- out the Southeast. Chuck's credit terms are n/30. As of the end of business on July 31, the following accounts receivable were past due: Amount $5,000 4,500 2,000 1,800 Account Due Date June 9 July 10 March 18 May 19 June 18 April 12 May 8 April 15 Ben's Pickup Shop Bumper Auto Downtown Repair Jake's Auto Repair Like New Sally's Uptown Auto Yellowstone Repair & Tow 750 2,800 1,500 3,100 Determine the number of days each account is past due.

Explanation / Answer

Solution:

Computation of number of days account past due Account Due Date Amount Period end date Nos of days past due Ben's Pickup shop 9-Jun $5,000.00 31-Jul 52 Bumper Auto 10-Jul $4,500.00 31-Jul 21 Downtown repair 18-Mar $2,000.00 31-Jul 135 Jake's auto repair 19-May $1,800.00 31-Jul 73 Like New 18-Jun $750.00 31-Jul 43 Sally's 12-Apr $2,800.00 31-Jul 110 Uptown Auto 8-May $1,500.00 31-Jul 84 Yellowstone repair & Tow 15-Apr $3,100.00 31-Jul 107

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