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:

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 $3,500 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts.

5.Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?

     

Instructions: 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 th 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 2 Past 1 Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 4 AAA Outfitters 20,500.00 20,500.00 Brown Trout Fly Shop 7,600.00 7,600.00 4 2 Zigs Fish Adventures 9 Subtotals 3,900.00 1,319,300.00 3,900.00 758,200.00 299,000.00 129,300.00 36,900.00 17,400.00 78,500.00 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 $4,800