Adobe Acrobat Voice Sensitivity PR 9-2A Aging of receivables; estimating allowance for doubtful accounts Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2015: D E H F G Days Past Due 1 2 3 Customer 4 AAA Outfitters 5 Brown Trout Fly Shop B Not Past Balance Due 20,000 20,000 7,500 1-30 31-60 61-90 91-120 Over 120 7,500 30 Zigs Fish Adventures 31 Subtotals 4,000 4,000 1,300,000 750,000 290,000 120,000 40,000 20,000 80,000 Figure 1 The following accounts were unintentionally omitted from the aging schedule: The following accounts were unintentionally omitted from the aging schedule: Customer Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co Western Trout Company Wolfe Sports Due Date May 22, 2015 Oct 10, 2015 Sept. 29, 2015 Oct. 20, 2015 Nov.7.2015 Nov. 28, 2015 Dec 7, 2015 Jan 20, 2016 Balance $5,000 4.900 8.400 7.000 3,500 2400 6,800 4400 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Over 120 days past due Percent Uncollectible 19 2 10 30 40 80 Figure 2 Instructions 1. Determine the number of days past due for each of the preceding accounts. 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, 2015. Journalize the adjusting entry for uncollectible accounts. Adobe Acrobat Voice Sensitivity PR 9-2A Aging of receivables; estimating allowance for doubtful accounts Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2015: D E H F G Days Past Due 1 2 3 Customer 4 AAA Outfitters 5 Brown Trout Fly Shop B Not Past Balance Due 20,000 20,000 7,500 1-30 31-60 61-90 91-120 Over 120 7,500 30 Zigs Fish Adventures 31 Subtotals 4,000 4,000 1,300,000 750,000 290,000 120,000 40,000 20,000 80,000 Figure 1 The following accounts were unintentionally omitted from the aging schedule: The following accounts were unintentionally omitted from the aging schedule: Customer Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co Western Trout Company Wolfe Sports Due Date May 22, 2015 Oct 10, 2015 Sept. 29, 2015 Oct. 20, 2015 Nov.7.2015 Nov. 28, 2015 Dec 7, 2015 Jan 20, 2016 Balance $5,000 4.900 8.400 7.000 3,500 2400 6,800 4400 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Over 120 days past due Percent Uncollectible 19 2 10 30 40 80 Figure 2 Instructions 1. Determine the number of days past due for each of the preceding accounts. 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, 2015. Journalize the adjusting entry for uncollectible accounts