Aging of Receivables Estimating Allowance for Doubtful Accounts Trophy Fish Company supplies flies and fishing gear products 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, 20Y7 Not Days Past Due Past Customer Balance Due 1 30 31 60 61 90 91 120 Over 120 AAA Outfitters 20,400 20,400 Brown Trout Fly Shop 7,200 7,200 Zigs Fish Adventures 4,000 4,000 Subtotals 1,281,000 748,400 280,600 113,000 37,800 20,300 80,900 The following accounts were unintentionally omitted from the aging schedule Customer Due Date Balance Adams Sports and Flies May 22 $4,500 Blue Dun Flies Oct 10 4,700 Cicada Fish Co Sept 29 8,700 Deschutes Sports Oct 20 7,300 Green River Sports Nov 7 3,400 Smith River Co Nov 28 2,000 Western Trout Company Dec 7 7,100 Wolfe Sports Jan 20 4,400 Trophy Fish has a past history of uncollectible accounts by age category, as follows Age Class Percent Uncollectible Not past due 1 1 30 days past due 3 31 60 days past due 12 61 90 days past due 32 91 120 days past due 40 Over 120 days past due 77 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 Customer Due Date Number of Days Past Due Adams Sports and Flies May 22 fill in the blank d1a862fd0076002 1 days Blue Dun Flies Oct 10 fill in the blank d1a862fd0076002 2 days Cicada Fish Co Sept 29 fill in the blank d1a862fd0076002 3 days Deschutes Sports Oct 20 fill in the blank d1a862fd0076002 4 days Green River Sports Nov 7 fill in the blank d1a862fd0076002 5 days Smith River Co Nov 28 fill in the blank d1a862fd0076002 6 days Western Trout Company Dec 7 fill in the blank d1a862fd0076002 7 days Wolfe Sports Jan 20 fill in the blank d1a862fd0076002 8 days 2 Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals If an amount box does not require an entry, leave it blank Trophy Fish Company Aging of Receivables Schedule December 31, 20Y7 Customer Balance Not Past Due Days Past Due 1 30 Days Past Due 31 60 Days Past Due 61 90 Days Past Due 91 120 Days Past Due Over 120 AAA Outfitters 20,400 20,400 Brown Trout Fly Shop 7,200 7,200 Zigs Fish Adventures 4000 4000 Subtotals 1,281,000 748,400 280,600 113,000 37,800 20,300 80,900 Adams Sports and Flies fill in the blank 1778fff8ffa4045 1 fill in the blank 1778fff8ffa4045 2 fill in the blank 1778fff8ffa4045 3 fill in the blank 1778fff8ffa4045 4 fill in the blank 1778fff8ffa4045 5 fill in the blank 1778fff8ffa4045 6 fill in the blank 1778fff8ffa4045 7 Blue Dun Flies fill in the blank 1778fff8ffa4045 8 fill in the blank 1778fff8ffa4045 9 fill in the blank 1778fff8ffa4045 10 fill in the blank 1778fff8ffa4045 11 fill in the blank 1778fff8ffa4045 12 fill in the blank 1778fff8ffa4045 13 fill in the blank 1778fff8ffa4045 14 Cicada Fish Co fill in the blank 1778fff8ffa4045 15 fill in the blank 1778fff8ffa4045 16 fill in the blank 1778fff8ffa4045 17 fill in the blank 1778fff8ffa4045 18 fill in the blank 1778fff8ffa4045 19 fill in the blank 1778fff8ffa4045 20 fill in the blank 1778fff8ffa4045 21 Deschutes Sports fill in the blank 1778fff8ffa4045 22 fill in the blank 1778fff8ffa4045 23 fill in the blank 1778fff8ffa4045 24 fill in the blank 1778fff8ffa4045 25 fill in the blank 1778fff8ffa4045 26 fill in the blank 1778fff8ffa4045 27 fill in the blank 1778fff8ffa4045 28 Green River Sports fill in the blank 1778fff8ffa4045 29 fill in the blank 1778fff8ffa4045 30 fill in the blank 1778fff8ffa4045 31 fill in the blank 1778fff8ffa4045 32 fill in the blank 1778fff8ffa4045 33 fill in the blank 1778fff8ffa4045 34 fill in the blank 1778fff8ffa4045 35 Smith River Co fill in the blank 1778fff8ffa4045 36 fill in the blank 1778fff8ffa4045 37 fill in the blank 1778fff8ffa4045 38 fill in the blank 1778fff8ffa4045 39 fill in the blank 1778fff8ffa4045 40 fill in the blank 1778fff8ffa4045 41 fill in the blank 1778fff8ffa4045 42 Western Trout Company fill in the blank 1778fff8ffa4045 43 fill in the blank 1778fff8ffa4045 44 fill in the blank 1778fff8ffa4045 45 fill in the blank 1778fff8ffa4045 46 fill in the blank 1778fff8ffa4045 47 fill in the blank 1778fff8ffa4045 48 fill in the blank 1778fff8ffa4045 49 Wolfe Sports fill in the blank 1778fff8ffa4045 50 fill in the blank 1778fff8ffa4045 51 fill in the blank 1778fff8ffa4045 52 fill in the blank 1778fff8ffa4045 53 fill in the blank 1778fff8ffa4045 54 fill in the blank 1778fff8ffa4045 55 fill in the blank 1778fff8ffa4045 56 Totals fill in the blank 1778fff8ffa4045 57 fill in the blank 1778fff8ffa4045 58 fill in the blank 1778fff8ffa4045 59 fill in the blank 1778fff8ffa4045 60 fill in the blank 1778fff8ffa4045 61 fill in the blank 1778fff8ffa4045 62 fill in the blank 1778fff8ffa4045 63 Percent uncollectible ( ) fill in the blank 1778fff8ffa4045 64 fill in the blank 1778fff8ffa4045 65 fill in the blank 1778fff8ffa4045 66 fill in the blank 1778fff8ffa4045 67 fill in the blank 1778fff8ffa4045 68 fill in the blank 1778fff8ffa4045 69 Estimate of uncollectible accounts $fill in the blank 1778fff8ffa4045 70 $fill in the blank 1778fff8ffa4045 71 $fill in the blank 1778fff8ffa4045 72 $fill in the blank 1778fff8ffa4045 73 $fill in the blank 1778fff8ffa4045 74 $fill in the blank 1778fff8ffa4045 75 $fill in the blank 1778fff8ffa4045 76 3 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule $fill in the blank a1fb01f8afd9fcf 1 4 Assume that the allowance for doubtful accounts for Trophy Fish has a credit balance of $4,900 before adjustment on December 31, 20Y7 Journalize the adjustment for uncollectible accounts Dec 31 fill in the blank 55f80c018fb5fb2 2 fill in the blank 55f80c018fb5fb2 4 5 Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement On the balance sheet, assets would be by $fill in the blank 1bc288f4a078fbf 2 because the allowance for doubtful accounts would be by $fill in the blank 1bc288f4a078fbf 4 In addition, the stockholders equity (retained earnings) would be by $fill in the blank 1bc288f4a078fbf 6 because bad debt expense would be and net income by $fill in the blank 1bc288f4a078fbf 9 on the income statement

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Aging of Receivables; Estimating Allowance for Doubtful Accounts Trophy Fish Company supplies flies and fishing gear products to sporting goods stores and outfitters throughout the

Aging of Receivables; Estimating Allowance for Doubtful Accounts

Trophy Fish Company supplies flies and fishing gear products 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, 20Y7:

		Not	Days Past Due
		Past
Customer	Balance	Due	1-30	31-60	61-90	91-120	Over 120
AAA Outfitters	20,400	20,400
Brown Trout Fly Shop	7,200			7,200

Zigs Fish Adventures	4,000		4,000
Subtotals	1,281,000	748,400	280,600	113,000	37,800	20,300	80,900

The following accounts were unintentionally omitted from the aging schedule:

Customer		Balance
Adams Sports and Flies	May 22	$4,500
Blue Dun Flies	Oct. 10	4,700
Cicada Fish Co.	Sept. 29	8,700
Deschutes Sports	Oct. 20	7,300
Green River Sports	Nov. 7	3,400
Smith River Co.	Nov. 28	2,000
Western Trout Company	Dec. 7	7,100
Wolfe Sports	Jan. 20	4,400

Trophy Fish has a past history of uncollectible accounts by age category, as follows:

Age Class	Percent Uncollectible
Not past due	1	%
1-30 days past due	3
31-60 days past due	12
61-90 days past due	32
91-120 days past due	40
Over 120 days past due	77

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.

Customer	Due Date	Number of Days Past Due
Adams Sports and Flies	May 22	fill in the blank d1a862fd0076002_1 days
Blue Dun Flies	Oct. 10	fill in the blank d1a862fd0076002_2 days
Cicada Fish Co.	Sept. 29	fill in the blank d1a862fd0076002_3 days
Deschutes Sports	Oct. 20	fill in the blank d1a862fd0076002_4 days
Green River Sports	Nov. 7	fill in the blank d1a862fd0076002_5 days
Smith River Co.	Nov. 28	fill in the blank d1a862fd0076002_6 days
Western Trout Company	Dec. 7	fill in the blank d1a862fd0076002_7 days
Wolfe Sports	Jan. 20	fill in the blank d1a862fd0076002_8 days

2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank.

Trophy Fish Company
Aging of Receivables Schedule
December 31, 20Y7
Customer	Balance	Not Past Due	Days Past Due 1-30	Days Past Due 31-60	Days Past Due 61-90	Days Past Due 91-120	Days Past Due Over 120
AAA Outfitters	20,400	20,400
Brown Trout Fly Shop	7,200			7,200

Zigs Fish Adventures	4000		4000
Subtotals	1,281,000	748,400	280,600	113,000	37,800	20,300	80,900
Adams Sports and Flies	fill in the blank 1778fff8ffa4045_1	fill in the blank 1778fff8ffa4045_2	fill in the blank 1778fff8ffa4045_3	fill in the blank 1778fff8ffa4045_4	fill in the blank 1778fff8ffa4045_5	fill in the blank 1778fff8ffa4045_6	fill in the blank 1778fff8ffa4045_7
Blue Dun Flies	fill in the blank 1778fff8ffa4045_8	fill in the blank 1778fff8ffa4045_9	fill in the blank 1778fff8ffa4045_10	fill in the blank 1778fff8ffa4045_11	fill in the blank 1778fff8ffa4045_12	fill in the blank 1778fff8ffa4045_13	fill in the blank 1778fff8ffa4045_14
Cicada Fish Co.	fill in the blank 1778fff8ffa4045_15	fill in the blank 1778fff8ffa4045_16	fill in the blank 1778fff8ffa4045_17	fill in the blank 1778fff8ffa4045_18	fill in the blank 1778fff8ffa4045_19	fill in the blank 1778fff8ffa4045_20	fill in the blank 1778fff8ffa4045_21
Deschutes Sports	fill in the blank 1778fff8ffa4045_22	fill in the blank 1778fff8ffa4045_23	fill in the blank 1778fff8ffa4045_24	fill in the blank 1778fff8ffa4045_25	fill in the blank 1778fff8ffa4045_26	fill in the blank 1778fff8ffa4045_27	fill in the blank 1778fff8ffa4045_28
Green River Sports	fill in the blank 1778fff8ffa4045_29	fill in the blank 1778fff8ffa4045_30	fill in the blank 1778fff8ffa4045_31	fill in the blank 1778fff8ffa4045_32	fill in the blank 1778fff8ffa4045_33	fill in the blank 1778fff8ffa4045_34	fill in the blank 1778fff8ffa4045_35
Smith River Co.	fill in the blank 1778fff8ffa4045_36	fill in the blank 1778fff8ffa4045_37	fill in the blank 1778fff8ffa4045_38	fill in the blank 1778fff8ffa4045_39	fill in the blank 1778fff8ffa4045_40	fill in the blank 1778fff8ffa4045_41	fill in the blank 1778fff8ffa4045_42
Western Trout Company	fill in the blank 1778fff8ffa4045_43	fill in the blank 1778fff8ffa4045_44	fill in the blank 1778fff8ffa4045_45	fill in the blank 1778fff8ffa4045_46	fill in the blank 1778fff8ffa4045_47	fill in the blank 1778fff8ffa4045_48	fill in the blank 1778fff8ffa4045_49
Wolfe Sports	fill in the blank 1778fff8ffa4045_50	fill in the blank 1778fff8ffa4045_51	fill in the blank 1778fff8ffa4045_52	fill in the blank 1778fff8ffa4045_53	fill in the blank 1778fff8ffa4045_54	fill in the blank 1778fff8ffa4045_55	fill in the blank 1778fff8ffa4045_56
Totals	fill in the blank 1778fff8ffa4045_57	fill in the blank 1778fff8ffa4045_58	fill in the blank 1778fff8ffa4045_59	fill in the blank 1778fff8ffa4045_60	fill in the blank 1778fff8ffa4045_61	fill in the blank 1778fff8ffa4045_62	fill in the blank 1778fff8ffa4045_63
Percent uncollectible (%)		fill in the blank 1778fff8ffa4045_64%	fill in the blank 1778fff8ffa4045_65%	fill in the blank 1778fff8ffa4045_66%	fill in the blank 1778fff8ffa4045_67%	fill in the blank 1778fff8ffa4045_68%	fill in the blank 1778fff8ffa4045_69%
Estimate of uncollectible accounts	$fill in the blank 1778fff8ffa4045_70	$fill in the blank 1778fff8ffa4045_71	$fill in the blank 1778fff8ffa4045_72	$fill in the blank 1778fff8ffa4045_73	$fill in the blank 1778fff8ffa4045_74	$fill in the blank 1778fff8ffa4045_75	$fill in the blank 1778fff8ffa4045_76

3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. $fill in the blank a1fb01f8afd9fcf_1

4. Assume that the allowance for doubtful accounts for Trophy Fish has a credit balance of $4,900 before adjustment on December 31, 20Y7. Journalize the adjustment for uncollectible accounts.

Dec. 31		fill in the blank 55f80c018fb5fb2_2
			fill in the blank 55f80c018fb5fb2_4

5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?

On the balance sheet, assets would be by $fill in the blank 1bc288f4a078fbf_2 because the allowance for doubtful accounts would be by $fill in the blank 1bc288f4a078fbf_4. In addition, the stockholders equity (retained earnings) would be by $fill in the blank 1bc288f4a078fbf_6 because bad debt expense would be and net income by $fill in the blank 1bc288f4a078fbf_9 on the income statement.