Required information [The following information applies to the questions display

Question

Required information [The following information applies to the questions displayed below.] Vail Company recorded the following selected transactions during November Current Year Date General Journal Debit Credit Nov. 5 Accounts Receivable-Ski Shop 5,478 Sales 5,478 Accounts Receivable-Welcome Enterprises 10 2,401 Sales 2,401 Accounts Receivable-Zia Natara 13 1,408 Sales 1,408 21 Sales Returns and Allowances 363 Accounts Receivable-Zia Natara 363 30 Accounts Receivable-Ski Shop 5,006 Sales 5,006 2. Prepare a schedule of accounts receivable VAIL COMPAN Schedule of Accounts Receivable November 30, Current Year Total

Explanation / Answer

In this question credit term is not given. Thus, we are assuming that no credit term in given to the customer and the amount will be due from the very next day of sale.

VAIL COMPANY
Schedule of account receivable
as on 30th November, Current year

Customer Total receivable Sales return or allowances Net receivable Not yet due 1-10 Days 10-20 days 20-30 days Over 30 days Skip Shop 10484 0 10484 5006 - - 5478 - Welcome enterprize 2401 0 2401 - - 2401 - - Zia Natara 1408 363 1045 - - 1045 - - Total 14293 363 13930 5006 - 3446 5478 -

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