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Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the westem 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, 20Y6 Not Past Due 20,200.00 Days Past Due Ds Past Due Days Past Due Days Past Due Days Past Due 3Customer Balance 1-30 31-60 61-90 91-120 Over 120 4 AAA Outfitters 20,200.00 Brown Trout Fly Shop 8,00000 8,000.00 8 Zigs Fish Adventures 4,100.00 4,100.00 Subtotals 1,304,500.00 748,300.00 297,300.00 117,000.00 38,700.00 23,800.00 79,400.00 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, 20Y6 Oct. 10, 20Y6 Sept. 29, 20Y6 Oct. 20, 20Y6 Nov. 7, 20Y6 Nov. 28, 20Y6 Dec. 7, 20Y6 Jan. 20, 20Y7 Balance $4,900 5,200 8,900 6,600 3,800 2,000 6,400 4,400 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 190 10 29 41 79 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 S4,700 before adjustment on December 31, 20Y6. Journalize the adjusting entry for uncollectible accounts. Refer to the chart of accounts for a listing of the account titles the company uses 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? 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 Aging of Receivables Schedule December 31, 20Y6 Days Past Due Days Past DueDays Past Due Days Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 91-120 Over 120 3AAA Outfitters 20,200.00 20,200.00 Brown Trout Fly Shop 8,00000 8,000.00 6 Zigs Fish Adventures 4,100.00 4,100.00 Subtotals 1,304,500.00 748,300.00 297,300.00 117000.00 38,700.00 23,800.00 79,400.00 1,304,500.00 4,900.00 5,200.00 8,900.00 6,600.00 3,800.00 2,000.00 6,400.00 4,400.00 1,346,700.00 Subtotals 748,300.00 297,300.00 117,000.00 38,700.00 23,800.00 79,400.00 8Adams Sports & Flies 9 Blue Dun Flies 0 Cicada Fish Co. 11 Deschutes Sports 12 Green River Sports 13 Smith River Co. Western Trout 14 Company 15 Wolfe Sports Totals Percentage uncollectible Estimate of 18 uncollectible account Final Question Tab 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 overstated by because the allowance for doubtful accounts would be by In addition, the owner's capital account would be 7 by because bad debt expense would be and net income on the income statement
