Book Aging of receivables; Estimating Allowance for Doubtful Accounts Instructions Chart of Accounts First Question Aging of Receivables Schedule Additional Question Instructions Trophy Fish Company supples fles 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 recolvation schedule as of the end of business on December 31, 2014 Not Days Past Due Days Pas Due Days Pet Due Days Past Due Days Pastor 2 Past Balance Due 1-30 31-60 61.90 91-120 Over 170 Customer AAA Outfitters 20.000,00 20,000.00 7500.00 Brown Trout Ply Shop 7.500.00 4,000.00 Zig Fish Adventures Statals 4000.00 290.000.00 1.300.000 DO 750.000 120.000 40 000 20,000.00 SOB000 Check My Work Previous Next > Emil instructor Save and Exe Submit Assignment for Grading w P MacBook Aging of receivables Estimating Allowance for Doubtful Accounts Instructions Chart of Accounts First Question Aging of Recelvables Schedule Additional Question Instructions The following accounts were unintentionally omitted trom the aging schedule. Assume al due dates are for the current year except for Woute Sports, which is due in the next year. Customer Due Date Balance May 22 $5,000 Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Oct 10 4,900 Deschutes Sports Green River Sports Sept. 29 Oct. 20 Nov. 7 8,400 7,000 3,500 Smith River Co 2,400 Nov. 28 Dec 7 Western Trout Company 6.800 4,400 Wolfe Sports Jan. 20 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible 19. Not past due Previous Next > Check My Work Email Instructor Save and Submit Assignment for Grading o W G 4 Aging of recelvables Estimating Allowance for Doubtful Accounts Chart of Accounts First Question Aging of Receivables Schedule Additional Question Instructions Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not past due 2 10 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due 30 40 Over 120 days past due 80 1. Determine the number of days past due for each of the preceding accounts. If an account is not past du 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 53,600 before adjustment on December 31 Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of accountities 5. Assume that the adjusting entry in (4) was inadvertently otted, how would the omission affect the balance sheet and income statement?
