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3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. business on December 31, 20Y4: The following accounts were unintentionally omitted

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. business on December 31, 20Y4: The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year. Trophy Fish has a past history of uncollectible accounts by age category, as follows: Required: 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $3,600 before adjustment on December 31 . Journalize the adjusting entry for uncollectible accounts. 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $3,600 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Determine the number of days past due for each of the accounts below. If an account is not past due, enter a zero. Aging of Receivables Schedule Aging of Receivables Schedule December 31,20Y4 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline 1 & & & & Days Past Due & Days Past Due & Days Past Due & Days Past Due & Days Past Due \\ \hline 2 & Customer & Balance & Not Past Due & 130 & 3160 & 6190 & 91120 & Over 120 \\ \hline 3 & AAA Outfitters & 20,000.00 & 20,000.00 & & & & & \\ \hline 4 & Brown Trout Fly Shop & 7,500.00 & & & 7,500.00 & & & \\ \hline 5 & & & & & & & & \\ \hline 6 & Zigs Fish Adventures & 4,000.00 & & 4,000.00 & & & & \\ \hline 7 & Subtotals & 1,300,000.00 & 750,000.00 & 290,000.00 & 120,000.00 & 40,000.00 & 20,000.00 & 80,000.00 \\ \hline 8 & Adams Sports \& Flies & & & & & & & \\ \hline g & Blue Dun Flies & & & & & & & \\ \hline 10 & Cicada Fish Co. & & & & & & & \\ \hline 11 & Deschutes Sports & & & & & & & \\ \hline 12 & Green River Sports & & & & & & & \\ \hline 13 & Smith River Co. & & & & & & & \\ \hline 14 & Western Trout Company & & & & & & & \\ \hline 15 & Wolfe Sports & & & & & & & \\ \hline 16 & Totals & & & & & & & \\ \hline 17 & Percentage uncollectible & & & & & & & \\ \hline 18 & Estimate of uncollectible accounts & & & & & & & \\ \hline \end{tabular}

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