Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’s

Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot’s credit terms are n/30. As of the end of business on October 31, the following accounts receivable were past due:


Account Due Date Amount
Avalanche Auto August 8 $12,000
Bales Auto October 11 2,400
Derby Auto Repair June 23 3,900
Lucky’s Auto Repair September 2 6,600
Pit Stop Auto September 19 1,100
Reliable Auto Repair July 15 9,750
Trident Auto August 24 1,800
Valley Repair & Tow May 17 4,000

Determine the number of days each account is past due as of October 31.


Answer:

Account Due Date Number of Days Past Due
Avalanche Auto August 8 84 (23 + 30 + 31)
Bales Auto October 11 20 (31 – 11)
Derby Auto Repair June 23 130 (7 + 31 + 31 + 30 + 31)
Lucky’s Auto Repair September 2 59 (28 + 31)
Pit Stop Auto September 19 42 (11 + 31)
Reliable Auto Repair July 15 108 (16 + 31 + 30 + 31)
Trident Auto August 24 68 (7 + 30 + 31)
Valley Repair & Tow May 17 167 (14 + 30 + 31 + 31 + 30 + 31)