a. In addition to a report heading, the report should contain column headings for — Problem Data Cycleocity Inc wholesaler bicycles and bicycle parts sells credit terms
Computer Science & ITGeneralWorked Solution
Problem Data Cycleocity, Inc. is a wholesaler of bicycles and bicycle parts. It sells on credit terms of net 30 days. As of June 30, 20XX, its subsidiary ledger of customer balances reflects the following details:
.:.
Using the computer electronic spreadsheet or database software indicated by your instructor, prepare an accounts receivable aging report as of June 30, 20XX. Observe the following specific requirements:
a. In addition to a report heading, the report should contain column headings for:
Customer name
Total balance
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Current balance and past- due balance, with supporting columns for 1 to 30 days, 31 to 60 days, 61 to 90 days, over 90 days
b. Each individual open invoice and its due date should be entered into the computer software. However, those details should not appear in the report. Instead, for each customer, show the total outstanding balance and the total amount in each age category.
c. Print totals for each money column and verify that the totals of the aging columns cross- add to the grand total of all outstanding balances.
SOLUTION:
Output formats may vary by package used for the calculations. Below is a summary of the totals that are expected.