There have been issues with the timely collection of receivables. Some customers seem to be...
90.2K
Verified Solution
Link Copied!
Question
Accounting
There have been issues with the timely collection of receivables. Some customers seem to be consistently slow in paying their invoices. All outstanding debtors currently have credit terms of 15 days after the invoice date (payment is due 15 days after the invoice date). No discount is provided for early payment.
The schedule of accounts receivable that was entered into Xero at 1 July 2022 showed the following:
Schedule of Accounts Receivable as at 30 June 2022
Account No.
Account Name
Amount ($)
R1002
Black Bean Espresso
Invoice 3501, due 05 July 2021
11,840
R1010
Tonys Bar and Grill
Invoice 3505, due 10 July 2021
8,300
R1020
Vesuvios Italian Ristorante
Invoice 3520, due 12 July 2021
7,910
R1030
Derwent River Cafe
Invoice 3535, due 13 July 2021
11,310
39,360
How can we improve the collection of receivables.
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
