Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Back 15e_PR 08-2A.xlsx Pr. 8-2A Nam Annet Cate with one background werden beid trofee AS Dan ale D w www. be Algehele Die Powe Custom

image text in transcribed
image text in transcribed
image text in transcribed
Back 15e_PR 08-2A.xlsx Pr. 8-2A Nam Annet Cate with one background werden beid trofee AS Dan ale D w www. be Algehele Die Powe Custom AMO 2,000 7.100 500 2.000 1.300.000 79000 2 Zos S. AS nie Gise Gews SR 7.000 3.500 2.400 ITT 4450 Porce , megte On the Back PR_8-2A_data.png PR 8-2A Aging of receivables, estimating allowance for doubtful accounts Obj. 4 Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the wester 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, 2014 Durs. Per Post Over 170 11122 APA Outer Brown Tout Pop 7500 50 Zes Fisher 400 4300 1.300.000 0.000 0.000 20.000 40.000 20.000 07000 7.000 3.500 The following accounts were unintentionally committed from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year. Customer Due Date Balance Adams Sports & Fies 22 55,000 Blue Dun Files Oct 10 4.900 Cicada isho 8,400 Deschtes Sports Oct Green River Sports Now 7 Smith veco Western Trout Company Dec 100 Wolfe Sports 4.400 Trophy Fish has a past history of uncollectible accounts by age category, as follows Ape Class Porcent Uncollectible Nor past de 1-30 days puede 31-60 days paste 10 61-90 days put due 30 91-120 days paste Over 120 days pastor Instructions 1. Determine the mimber of days past dule for each of the preceding accounts. 2. Complete the aging of receivables schedule by adding the emited 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 Check Figure: $121,000 4. Assume that the allowance for doubtfal accounts for Trophy Fish Company has a debit balance of $3,600 before adjuntment on December 3. Journalize the adjusting entry for uncollectible accounts PR 8-2A Aging of receivables: estimating allowance for doubtful accounts Obj. 4 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, 20Y4: B D E H F G Days Past Due 1 2 3 Customer 4 AAA Outfitters 5 Brown Trout Fly Shop Not Past Due 20,000 1-30 31-60 61-90 91-120 Over 120 Balance 20.000 7,500 7.500 30 Zgs Fish Adventures 31 Subtotals 4,000 4.000 1,300,000 750,000 290,000 120,000 40.000 20,000 80,000 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. Customer Due Date Balance May Oct 22 10 29 Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout company Wolfe Sports Sept. Oct. NOV 20 2 $5,000 4.900 8.400 2000 3,500 2.400 6,800 1.400 28 Nov. Ded 7 Jan 20 TOP follows Back 15e_PR 08-2A.xlsx Pr. 8-2A Nam Annet Cate with one background werden beid trofee AS Dan ale D w www. be Algehele Die Powe Custom AMO 2,000 7.100 500 2.000 1.300.000 79000 2 Zos S. AS nie Gise Gews SR 7.000 3.500 2.400 ITT 4450 Porce , megte On the Back PR_8-2A_data.png PR 8-2A Aging of receivables, estimating allowance for doubtful accounts Obj. 4 Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the wester 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, 2014 Durs. Per Post Over 170 11122 APA Outer Brown Tout Pop 7500 50 Zes Fisher 400 4300 1.300.000 0.000 0.000 20.000 40.000 20.000 07000 7.000 3.500 The following accounts were unintentionally committed from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year. Customer Due Date Balance Adams Sports & Fies 22 55,000 Blue Dun Files Oct 10 4.900 Cicada isho 8,400 Deschtes Sports Oct Green River Sports Now 7 Smith veco Western Trout Company Dec 100 Wolfe Sports 4.400 Trophy Fish has a past history of uncollectible accounts by age category, as follows Ape Class Porcent Uncollectible Nor past de 1-30 days puede 31-60 days paste 10 61-90 days put due 30 91-120 days paste Over 120 days pastor Instructions 1. Determine the mimber of days past dule for each of the preceding accounts. 2. Complete the aging of receivables schedule by adding the emited 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 Check Figure: $121,000 4. Assume that the allowance for doubtfal accounts for Trophy Fish Company has a debit balance of $3,600 before adjuntment on December 3. Journalize the adjusting entry for uncollectible accounts PR 8-2A Aging of receivables: estimating allowance for doubtful accounts Obj. 4 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, 20Y4: B D E H F G Days Past Due 1 2 3 Customer 4 AAA Outfitters 5 Brown Trout Fly Shop Not Past Due 20,000 1-30 31-60 61-90 91-120 Over 120 Balance 20.000 7,500 7.500 30 Zgs Fish Adventures 31 Subtotals 4,000 4.000 1,300,000 750,000 290,000 120,000 40.000 20,000 80,000 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. Customer Due Date Balance May Oct 22 10 29 Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout company Wolfe Sports Sept. Oct. NOV 20 2 $5,000 4.900 8.400 2000 3,500 2.400 6,800 1.400 28 Nov. Ded 7 Jan 20 TOP follows

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Word Search Puzzle Book For Auditing Clerk

Authors: Lx Antu

1st Edition

B09KN7YDD6, 979-8757688466

More Books

Students also viewed these Accounting questions

Question

=+ (b) Show that P[n- 1 max 0. Relate to Theorem 14.3.

Answered: 1 week ago

Question

1. Identify and control your anxieties

Answered: 1 week ago