Need this solved in the next 2 hour please. Thanks.
PR 8-2A Aging of receivables; estimating allowance for doubtful accounts Obj. 4 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: A U | B | C | D |E F |G TH Not Days Past Due Past Over Balance Due 1-3031-60 61-90 91-120 120 20,000 20,000 7,500 7,500 3 Customer 4 AAA Outfitters 5 Brown Trout Fly Shop 30 Zigs Fish Adventures 31 Subtotals 4.000 4.000 1,300,000 750,000 290,000 120,000 40.000 20.000 80.000 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. Balance Due Date May 22 Oct. Sept. Customer Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Oct. $5,000 4,900 8,400 7,000 3,500 2,400 6,800 4,400 Nov. Nov. Dec. Jan. 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 Instructions 1. Determine the number of days past due for each of the preceding accounts. 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. Answer Check Figure: $121,000 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $3,600 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? Number of Days Past Due Customer Due Date Adams Sports and Files Elue Dun Files Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports May 22 Oct. 10 Sept. 29 Oct. 20 Nov. 7 Nov. 28 Dec. 7 Jan. 20 Aging of Receivables Schedule December 31, 2014 Days Past Due Not Past Due Customer Balance 1-30 31-60 61 - 90 91 - 120 120 $ $ 20,000 AAA Outfitters Erown Trout Fly Shop 20,000 7,500 $ 7,500 750,000 290,000 120.000 40,000 80,000 Zigs Fish Adventures Subtotals Adams Sports and Flies Elue Dun Files Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Totals Percent uncollectible Estimate of uncollectible accounts 4.000 $ 1,300,000 5,000 4,900 8,400 7,000 3,500 2,400 6,800 4,400 $ 1,342,400 On the balance sheet, the omission would cause: assets to be retained earnings to be On the income statement, the omission would cause: expenses to be net income to be PR 8-2A Aging of receivables; estimating allowance for doubtful accounts Obj. 4 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: A U | B | C | D |E F |G TH Not Days Past Due Past Over Balance Due 1-3031-60 61-90 91-120 120 20,000 20,000 7,500 7,500 3 Customer 4 AAA Outfitters 5 Brown Trout Fly Shop 30 Zigs Fish Adventures 31 Subtotals 4.000 4.000 1,300,000 750,000 290,000 120,000 40.000 20.000 80.000 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. Balance Due Date May 22 Oct. Sept. Customer Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Oct. $5,000 4,900 8,400 7,000 3,500 2,400 6,800 4,400 Nov. Nov. Dec. Jan. 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 Instructions 1. Determine the number of days past due for each of the preceding accounts. 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. Answer Check Figure: $121,000 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $3,600 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? Number of Days Past Due Customer Due Date Adams Sports and Files Elue Dun Files Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports May 22 Oct. 10 Sept. 29 Oct. 20 Nov. 7 Nov. 28 Dec. 7 Jan. 20 Aging of Receivables Schedule December 31, 2014 Days Past Due Not Past Due Customer Balance 1-30 31-60 61 - 90 91 - 120 120 $ $ 20,000 AAA Outfitters Erown Trout Fly Shop 20,000 7,500 $ 7,500 750,000 290,000 120.000 40,000 80,000 Zigs Fish Adventures Subtotals Adams Sports and Flies Elue Dun Files Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Totals Percent uncollectible Estimate of uncollectible accounts 4.000 $ 1,300,000 5,000 4,900 8,400 7,000 3,500 2,400 6,800 4,400 $ 1,342,400 On the balance sheet, the omission would cause: assets to be retained earnings to be On the income statement, the omission would cause: expenses to be net income to be
