Ngociables: Estimating Allowance for Doubtful Account Trophy Fish Company supplies files and fishing gear products 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, 2017: Not Days Past Due Past Customer Balance Due 1-30 31-60 61.90 91-120 Over 120 AAA Others 20,700 20,700 Brown outy Shop 7200 7,200 110,000 35,700 13,700 79,000 Fish Adventures 4,500 4,500 Subtotal 1.296,300 750,00 293,300 The following counts were intentionally one from the aging schedule Customer Dux Date Balance Adams Sports and res May 22 14.000 Bus Dunes Oct. 10 5,400 Dead Co Sept 29 3.100 Deschutes Sports Oct20 6.900 Green River Sports Nov 3,000 Smith vero Now 20 2.700 Western Trout Company Dec 6,600 Chapter 08 Homework eBook Western Trout Company Dec. 7 6,800 Wolfe Sports Jan. 20 3,900 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Age Class Uncollectible Not past due 1 % 1-30 days past due 31-60 days past due 61-90 days past due 32 91-120 days past due 41 Over 120 days past due 82 Required: 2 8 > 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. Customer Due Date Number of Days Past Due Adams Sports and Flies May 22 Blue Dun Flies Oct. 10 days Cicada Fish Co. Sept. 29 days days Deschutes Sports Oct. 20 days Green River Sports Nov. 7 days Smith River Co. Nov. 28 days Smith River Co Nov 26 days Dec. 7 Western Trout Company Wolfe Sports days Jan 20 days 2. Complete the song of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the total of an amount box does not require an entry, leave it bank Trophy Fish Company Aging of Receivables Schedule December 31, 2017 Customer Not Past Due Balance Deys Post Out 1-30 Days Past Du 31.60 Days Past Out 51.90 Days Post Due 91-120 Days Past Due Over 120 ANA Outfitters Brown Trout Shop 20,700 7,200 20,700 7,200 ZF Adventures 4500 4500 Subtotal 1,296,300 750,000 293,300 118.000 35,700 18,700 79,800 Adam Sports and Flies Blue Oun Mies cleada Fish Ca Descates Sports Green River Sports Seth River Western Tout Coman mm un Check My Work book Chapter 08 Homework Green Rover Sports Smith River Co Western Trout Company Wolfe Sports Total Percent uncollectible() Estimate of uncollectible accounts 3. Estimate the allowance for doubt accounts, based on the aging of receivables schedule. t. Anume that tht witowance for doubtful accounts for Trophy Fuh has a credit balance of 53,100 before adjustment on December 31, 2017. Journalize the adjustment for uncollectible accounts Dec 31 5. Assume that the adjusting entry in () was inadvertently omitted, how would the omision affect the balance sheet and income statement? On the balance sheet assets would be by because the allowance for doubtful accounts would be stockholders' equity (retained camnings) would be by Decause bad debt expense would be on the income statement In addition, the by and net income by Check My Work
