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Collection procedures the following steps are taken

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Collection ProceduresThe following steps are taken regarding the collection of monies owing:0-30 days current:Invoice/s sent to customer with month end statement31-60 days overdue account:Overdue sticker sent with next statement61-90 days overdue account:Phone call informing customer credit facility will be put on hold91 + days overdue account:If a customer’s debt is more than $150 a letter informing the customer theiraccount will be turned over to a collection agency if payment is not receivedwithin 14 days.Customer DelinquencyA debt that is 90 + days overdue and less than $150 will be written off as a bad debt.Tip: the specific answers to all of the following questions for 9(f) may not be completely found in the textbook.Use your learning and understanding of recording and administering credit sales and dealing with creditcustomers to arrive at your answers. Feel free to research other sources to assist you.
Required:9f(i)Using the information provided in Peters Plants Aged Receivable report as at 31 March 2018, complete anOverdue Accounts Review.Aged Receivables (Detail)31 March 2018Customer/Invoice No.DateTotal Due0 - 3031 - 6061 - 9091 +Rosie Rose0001238/1/2018$1200.00$1200.00Total$1200.00$0.00$0.00$1200.00$0.00Cam Camelia00034518/2/2018$670.00$670.00Total$670.00$0.00$670.00$0.00$0.00Leonard Lilly0005675/12/2017$400.00$400.00Total$400.00$0.00$0.00$0.00$400.00Grand TotalAgeing Percent$2270.00$0.000.0%$670.0029.5%$1200.0052.9%$400.0017.6%Overdue Accounts Review – Peters PlantsCustomerInvoice NumberDays OverdueAmount OwingPrevious CommunicationsRosie Rose000123811200Overdue notice next statementCam camellia00034559670Phone callLeonard Lilly0056790+400Letter sent9f(ii)Using the information from Peters Plants’ Credit Policy and Aged Receivables report as at 31 March 2018,what steps would you take regarding the collection of monies outstanding as at 31 March 2018?
9f(iii)Who would you distribute these reports to?
9f(iv)Where would these reports be filed?In the aged receivables report9(g)In order to pay the invoices that have been received from your suppliers, what checks would you firstundertake on these supplier invoices before making payment?

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Term
Three
Professor
N/A
Tags
Balance Sheet, invoice

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