(Note: You can do this problem only if you have access to a computerbased electronic spr...

(Note: You can do this problem only if you have access to a computerbased electronic spreadsheet, such as Excel, or to a database software package, such as Access.)

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

• 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.