EX 9-8 Aging of receivables schedule

The accounts receivable clerk for Quigley Industries prepared the following partially
completed aging of receivables schedule as of the end of business on November 30:
1 2 3 4 5 21 22 Able Brothers Inc. Accent Company Zumpano Company Subtotals 3,000 4,500 5,000 830,000 25,000 5,000 80,000 3,000 500,000 4,500 180,000 45,000 1–30 31–60 61–90 Not Due Past 90 Over Customer Balance Days Past Due A
The following accounts were unintentionally omitted from the aging schedule and not
included in the subtotals above:
Customer                                               Balance                    Due Date
Beltran Industries                                 $12,000                       July 10
Doodle Company                                     8,000                   September 20
La Corp Inc.                                           17,000                    October 17
VIP Sales Company                               10,000                   November 4
We-Go Company                                   23,000                  December 21
a. Determine the number of days past due for each of the preceding accounts.
b. Complete the aging-of-receivables schedule by adding the omitted accounts to the

bottom of the schedule and updating the totals.

Answer:
a.  Customer                                 Due Date                          Number of Days Past Due  
Beltran Industries                          July 10                             143 days (21 + 31 + 30 + 31 + 30)
Doodle Company                September 20                            71 days (10 + 31 + 30)
La Corp Inc.                            October 17                            44 days (14 + 30)
VIP Sales Company              November 4                            26 days
We-Go Company                  December 21                           Not past due

b.
Aging of Receivables Schedule 2 November 30 3   Days Past Due 
4  Customer Balance 
Not Past Due 1–30 31–60 61–90 Over 90 5  Able Brothers Inc. 3,000 3,000 6  Accent Company 4,500 4,500  
21  Zumpano Company     5,000        5,000     22  Subtotals 830,000 500,000 180,000 80,000 45,000 25,000 23  Beltran Industries 12,000 12,000 24  Doodle Company 8,000 8,000 25  La Corp Inc. 17,000 17,000 26  VIP Sales Company 10,000 10,000 27  We-Go Company 23,000  23,000         28  Totals 900,000 523,000 190,000 97,000 53,000 37,000

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