Chart of Accounts Starting Question Aging of Receivables Schedule Instructions ophy Fish Company supplies Mies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2014 Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due Past Balance 1.30 Due 31-60 Over 120 61-90 91-120 Gustomer MA Outfitters 19.000.00 19.000.00 1 Brown To Fly Shop 7.800.00 7,800.00 4.000.00 4000 745.000.00 144.1000 120.000 10.20001 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 $4,800 5,200 8.000 6,600 Adams Sports & Flies May 22 Blue Dun Flies Oct 10 Cicada Fish Co Sept. 29 Deschutes Sports Oct 20 Green River Sports Nov. 7 Smith River Co Nov. 28 Western Trout Company Dec. 7 Wolfe Sports Jan 20 3.500 2,000 6.000 4,000 Trophy Fish has a past history of uncollectible accounts by age category, as follow After 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 30 40 91-120 days past due Over 120 days past due 78 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 receivable 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 debt balance of 53 500 before acustment on December 31 Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account nies 5. Assume that the adjusting entry in (4) was inadvertently omitted how would the mission affect the balance sheet and income statement Starting Question 1. Determine the number of days past due for each of the accounts below. If an account is not past due, enter a zero Customer Due Date Number of Days Past Due May 22, 2014 days Adams Sports & Flies Blue Dun Flies Cicada Fish Co days Oct 10, 2014 Sept 29, 2014 days Deschutes Sports Oct. 20, 2014 days Green River Sports Nov. 7. 2014 days Smith River Co. Nov. 282014 days Western Trout Company. Dec. 7. 2014 days wewe TI WOUVIE UNCA LLLLL WOWGLI OULU LUG Adams Sports & Flies May 22, 2014 days Blue Dun Flies Oct 10, 2014 days Cicada Fish Co. Sept 29, 2014 days Deschutes Sports Oct 20, 2014 I days Green River Sports Nov. 7 2044 days Smith River Co. Nov. 28 2014 days Western Trout Company Dec 7 2014 days Wolfe Sports Jan 20, 2015 days e 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, 2014 Days Past Due Days Past Due 1.30 31-60 Days Past Due Days Pest Due Days Past De 61-90 Customer Balance Not Past Due 91-120 Over 120 MAA Outfitters 19.000,00 19,000.00 Brown Trout Fly Shop 7800.00 Zone dients 4.000.00 4000 10 14.00.00 294,100.00 20 20 Aging of Receivables Schedule 4,000.00 Zigs Fish Adventures Subtotals 4,000.00 7 1.501.600.00 743.000.00 294,100.00 120.000.00 40.200.00 23,500.00 81,000.00 1 Adams Sports & Flies Blue Dun Flies 10 Cicada Fish Co. Deschutes Sports 11 Green River Sports 11 Smith River Co. Western Trout Company Wolfe Sports Totals Percentage uncollectie Aging of Receivables Schedule We 10 Cicada Fish Co. 11 Deschutes Sports Green River Sports 12 13 Smith River Co. 14 15 16 Westem Trout Company Wolfe Sports Totals Percentage uncollectible Estimate of uncollectible accounts 11 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. a zero updating the fora re adjustment on wory wyor. Your Vorwurowy Wroccountries 5. Assume that the adjusting entry in (4) was inadvertently omitted now would the omission affect the balance sheet and income sta Chy Work Journal 4. Assume that the allowance for double accounts for Trophy Company has a debt balance of 53 500 before auton December 31 Jumate the adjusting entry for collect to the Chart Accounts for eact wording of accounts JOURNAL ACCOUNTING EQUATION ORE AT LUT LOURITY POSE DESTION Final Question 5 Assume that the adjusting entry in (4) was inadvertently omitted, how would the mission affect the balance sheet and income statement? On the balance sheet, assets would be by because the allowance for doubtful accounts would be In addition, the owner's capital account would be by because bad debt expense would be and net income by on the incolne statement by