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 the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y4: Not Days Past Due Days Past Due Days Past Due Days Past Due D ays Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 AAA Outfitters 20,500.00 20,500.00 7,600.00 5 Brown Trout Fly Shop 7,600.00 Zigs Fish Adventures 3.900.00 1319,300.00 3.900.00 299,000.00 Subtotals 758,200.00 129,300.00 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 Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Due Date May 22 Oct. 10 Sept 29 Oct. 20 Nov. 7 Nov. 28 Dec. 7 Jan. 20 Balance $4,800 4,700 8,600 7,000 3,500 2,200 6,900 4,200 Smith River Co. Western Trout Company Wolfe Sports Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible 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 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. 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? 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 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 days days Green River Sports Nov 7, 2014 Smith River Co. Nov. 28, 2014 days Western Trout Company Dec. 7. 2014 days Wolfe Sports Jan 20, 2045 days Aging of Receivables Schedule December 31, 2014 Days Past Due Days Past Due 1-30 Days Past Due 31-60 D ays Past Due 91-120 Days Past Due Over 120 Customer Balance Not Past Due 61-90 AAA Outfitters 20,500.00 20,500.00 Brown Trout Fly Shop 7,600.00 7,600.00 Zigs Fish Adventures 3,900.00 3,900.00 Subtotals 1,319,300.00 758,200.00 299,000.00 129,300.00 36,900.00 17.400.00 78,500.00 8 Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Totals Percentage uncollectible Estimate of uncollectible accounts
