Calibri Paste B I U A Alignment Number Conditional Format as Ce Cells Editing Fo

Question

Calibri Paste B I U A Alignment Number Conditional Format as Ce Cells Editing Formatting- Table Styles Clipboard Font A1 XfXercise Cycles Company sells exercise equipment to gyms on account. At year v 3 Required: 41) Calculate the number of days unpaid, USING THE EXCEL DAYS FUNCTION (fx) Number of Invoice Dae Today's Date Days Unpaid Customer Amount 8 Fitness Mania 9 Health for Life 10 Holistic Health Options 11 Image Reimagin 12 Today's Gym World 13 Whole Life Fitness Center 14 Workouts Unlimited 15 Total 16 17 2) Use the information above to complete the Aging of Accounts Receivable Schedule below. 2,500 2,000 12,750 7,000 4,600 15,900 3,800 48,550 6/17/2016 12/31/2016 12/21/2016 12/31/2016 10/12/2016 12/31/2016 12/5/2016 12/31/2016 11/29/201612/31/2016 11/20/201612/31/2016 12/31/2016 10/2/2016 Create a formula for each age category, using the Excel IF and AND FUNCTIONS (fx) to determine where each customer 18 amount belongs 19 The IF statement may include the following arguments: ,,Excel AND FUNCTION (fx) 20 21 Number of Days Unpaid 31-60 Customer 0-30 61-90 Over 90 Total 23 Fitness Mania 24 Health for Life 25 Holistic Health Options Sheetl.. (+

Explanation / Answer

Answer 1 Calculation of number of unpaid days Customer Amount Invoice date Today's Date Number of days unpaid Fitness Mania $2,500.00 17/06/2016 31/12/2016 197 Health of life $2,000.00 21/12/2016 31/12/2016 10 Holistic Health Options $12,750.00 12/10/2016 31/12/2016 80 Image Reimaging $7,000.00 05/12/2016 31/12/2016 26 Today's Gym World $4,600.00 29/11/2016 31/12/2016 32 Whole life Fitness Center $15,900.00 20/11/2016 31/12/2016 41 Workout Unlimited $3,800.00 02/10/2016 31/12/2016 90 Total $48,550.00 Answer 2 Aging of accounts receivable schedule Customer Number of days Unpaid 0-30 31-60 61-90 Over 90 Total Fitness Mania $2,500.00 $2,500.00 Health of 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 Workout Unlimited $3,800.00 $3,800.00 Total Accounts Receivable $9,000.00 $20,500.00 $16,550.00 $2,500.00 $48,550.00 x Estimated uncollectible (%) 2% 10% 20% 40% Estimated uncollectible $180.00 $2,050.00 $3,310.00 $1,000.00 $6,540.00 Answer 3 Adjusting Journal Entry Account Titles Debit Credit Bad Debt Expense $6,290.00 Allowance for Doubtful accounts $6,290.00 Answer 4 Account Titles Debit Credit Bad Debt Expense $6,640.00 Allowance for Doubtful accounts $6,640.00

Related Questions

Navigate

• Browse (All)
• Browse C
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.