oBook Aging of Receivables; Estimating Allowance for Doubtful Accounts 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 Due 1-30 31-60 61-90 91-120 Over 120 Balance 20,300 7,200 AAA Outfitters Brown Trout Fly Shop 20,300 7,200 37,400 22.000 77,200 Zigs Fish Adventures 3.900 3,900 Subtotals 1,301,600 742,600 299,400 123,000 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Adams Sports and Flies May 22 34,900 Blue Dun Flies Oct. 10 5.000 Cicada Fish Co. Sept. 29 8,100 Deschutes Sports Oct. 20 6,600 Green River Sports Nov. 3.900 Smith River Co. Nov. 28 2,200 Western Trout Company Dec. 7 7,200 Wolfe Sports Jan. 20 4,500 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Age Class Uncollectible Not past due 1% Previous Check My Work Save and Et Submit Assignment for Gradi SZU Vomers 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 2 account is not Ist due, enter a zero. 31-60 days past due 12 61-90 days past due 32 91-120 days past due 41 Over 120 days past due 84 Required: 1. Determine the number of days past due for each of the preceding accounts. If Customer Due Date Number of Days Past Due Adams Sports and Files May 22 days Blue Dun Flies Oct. 10 days Cicada Fish Co. Sept. 29 days Deschutes Sports Oct. 20 days Green River Sports Nov. 2 days Smith River Co. Nov. 28 days Western Trout Company Dec. 7 days Wolfe Sports Jan. 20 days 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an a an entry, leave it blank Trophy Fish Company Aging of Receivables Schedule December 31, 2017 Check My Work eave it bani Trophy Fish Company Aging of Receivables Schedule December 31, 2017 Days Past Due 1 Days Past Due 31 30 60 Customer Balance Not Past Due 20,300 Days Past Due 61- 90 Days Past Due 91- 120 Days Past Due Over 120 MOutfitters Brown Trout Fly Shop 20,300 7.200 7,200 Zigs Fish Adventures 3900 3900 Subtotais 742,600 1,301,600 299,400 123,000 37,400 22,000 77,200 Adarns Sports and Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Totals Percent uncollectible (%) Estimate of uncollectible accounts 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Trophy ish has a credit balance of $4,700 before adjustment on December 31, 2017. Journalize the adjustment for uncollectible accounts Smith River Co. Western Trout Company Wolfe Sports Total 96 Percent uncollectible (4) Estimate of uncollectible accounts 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule, 4. Autume that the attowance for doubtful accounts for Trophy Fish has a credit balance of 1,700 before adjustment on December 31, 2017. Soumate the adjustment for uncollectible accounts. Dec, JI S. 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 by because the allowance for doubtful accounts would be by s In addition, the stockholders' equity (retained earrings) would be by because bad debt expense would be and net income by on the income statement