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Instructions Chart of Accounts First Question Aging of Receivables Schedule Additional Question Journal Final Question Instructions X Trophy Fish Company supplies flies and fishing gear
Instructions Chart of Accounts First Question Aging of Receivables Schedule Additional Question Journal Final Question Instructions X 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, 20Y4: 1 Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due 2 Past 3 3 Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 AAA Outfitters 20,000.00 20,000.00 5 Brown Trout Fly Shop 7,500.00 7,500.00 6 2 3 Zigs Fish Adventures 4,000.00 4,000.00 Subtotals 1,300,000.00 750,000.00 290,000.00 120,000.00 40,000.00 20,000.00 80,000.00 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 Adams Sports & Flies May 22 S5.000 Blue Dun Flies Oct 10 4.900 Cicada Fish Co Sept. 29 8.400 Deschutes Sports Oct 20 7.000 Green River Sports Nov. 7 3,500 Smith River Co Nov. 28 2,400 Previous Next Check My Work Instructions Chart of Accounts First Question Aging of Receivables Schedule Additional Question Journal Final Question Instructions Customer Due Date Balance Adams Sports & Flies May 22 S5,000 Blue Dun Flies Oct 10 4,900 Cicada Fish Co. Sept. 29 8,400 Deschutes Sports Oct 20 7.000 Green River Sports Nov. 7 3,500 Smith River Co Nov 28 2.400 Western Trout Company Dec. 7 6,800 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 2 31-60 days past due 10 61-90 days past due 30 91-120 days past due 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 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 $3,600 before adjustment on December Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account titles 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? ok Print Item ging of receivables; Estimating Allowance for Doubtful Accounts Instructions Chart of Accounts First Question Aging of Receivables Schedule Additional Question Joumal Final Question Final Question 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 v by because the allowance for doubtful accounts would be by In addition, the owner's capital account would be V by because bad debt expense would be and net income vby v on the income statement
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