·A-Alignment Number Conditional FormataseCell Formatting\" Table Styles 1 u . :·
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·A-Alignment Number Conditional FormataseCell Formatting" Table Styles 1 u . :· Cells Editing Cipboard Font Xercise Cycles Company sells exercise equipment to gyms on account. At year Al 1 Xercise Cycles Company sells exercise equipment to gyms on account. At year end, the following accounts receivable were uncollected 3 Required: 4 1) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx). Number of 8 Fitness Mania 9 Health for Life 0 Holistic Health Options 11 Image Reimaging 12 Today's Gym World 13 Whole Life Fitness Center 14 Workouts Unlimited 15 Total 16 172) Use the information above to complete the Aging of Accounts Receivable Schedule below. 18 Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each 2,500 2,000 12,750 7000 4,600 15,900 3,800 48,550 6/17/2016 12/21/2016 10/12/2016 12/5/2016 11/29/2016 11/20/2016 10/2/201 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 12/31/2016 customer amount belongs 19 The IF statement may include the following arguments: ,, Excel AND FUNCTION (fx). Number of Days Unpaid Sheet1 … Attempt(s) 2 3 4 5 9Explanation / Answer
Answer 1. Customer Amount Invoice Date Today's Date No. of Days Unpaid Fitness Mania 2,500.00 6/17/2016 12/31/2016 197 Health for Life 2,000.00 12/21/2016 12/31/2016 10 Holistic Health Options 12,750.00 10/12/2016 12/31/2016 21 Image Reimaging 7,000.00 12/5/2016 12/31/2016 233 Today's Gym World 4,600.00 11/29/2016 12/31/2016 32 Whole Life Fitness Center 15,900.00 11/20/2016 12/31/2016 41 Workouts Unlimited 3,800.00 10/2/2016 12/31/2016 282 Total 48,550.00 Answer 2. Number of Days Unpaid Total 0 - 30 31 - 60 61 - 90 Over 90 Fitness Mania 2,500.00 2,500.00 Health for Life 2,000.00 2,000.00 Holistic Health Options 12,750.00 12,750.00 Image Reimaging 7,000.00 7,000.00 Today's Gym World 4,600.00 4,600.00 Whole Life Fitness Center 15,900.00 15,900.00 Workouts Unlimited 3,800.00 3,800.00 Total 14,750.00 20,500.00 - 13,300.00 48,550.00 Estimated Uncollectible (%) 2% 10% 20% 40% Estimated Uncollectible ($) 295.00 2,050.00 - 5,320.00 7,665.00 Answer 3. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 12/31/2016 Bad Debt Expense 7,415.00 $7,665 - $250 Allowance for Doubtful Accounts 7,415.00 (Record the bad debt expense) Answer 4. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1/0/1900 Bad Debt Expense 7,765.00 $7,665 + $100 Allowance for Doubtful Accounts 7,765.00 (Record the bad debt expense)
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