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.

ALL PICTURES OF WHAT LAYOUT SHOULD LOOK LIKE FURTHER DOWN

Customer

Due Date

Balance

Adams Sports & Flies May 22 $4,800

Blue Dun Flies Oct. 10 4,700

Cicada Fish Co. Sept. 29 8,600

Deschutes Sports Oct. 20 7,000

Green River Sports Nov. 7 3,500

Smith River Co. Nov. 28 2,200

Western Trout Company Dec. 7 6,900

Wolfe Sports Jan. 20 4,200

Trophy Fish has a past history of uncollectible accounts by age category, as follows:

Age Class

Percent Uncollectible

Not past due 1%

130 days past due 2

3160 days past due 12

6190 days past due 28

91120 days past due 41

Over 120 days past due 84

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?

Final Question 5. Assuming 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 In addition, the stockholders' equity (retained earnings) would be by because bad debt expense would be and net income by on the income statement. Starting Question Ag Customer Due Date Number of Days Past Due Fir Adams Sports & Flies May 22, 2014 days Blue Dun Flies Oct. 10, 20Y4 days 5. Cicada Fish Co. Sept. 29, 20Y4 days Or Deschutes Sports Oct. 20, 2014 days - Green River Sports Nov. 7, 2014 days Smith River Co. Nov. 28, 20Y4 days Western Trout Company Dec. 7, 2014 days Wolfe Sports Jan. 20, 2045 days Aging of Receivables Schedule 8 Adams Sports & Flies 9 Blue Dun Flies 10 Cicada Fish Co. 11 Deschutes Sports 12 Green River Sports 13 Smith River Co. 14 Western Trout Company 15 Wolfe Sports 16 Totals 17 Percentage uncollectible 18 Estimate of uncollectible accounts JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2

Question

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.

ALL PICTURES OF WHAT LAYOUT SHOULD LOOK LIKE FURTHER DOWN

Customer	Due Date	Balance
Adams Sports & Flies	May 22	$4,800
Blue Dun Flies	Oct. 10	4,700
Cicada Fish Co.	Sept. 29	8,600
Deschutes Sports	Oct. 20	7,000
Green River Sports	Nov. 7	3,500
Smith River Co.	Nov. 28	2,200
Western Trout Company	Dec. 7	6,900
Wolfe Sports	Jan. 20	4,200

Trophy Fish has a past history of uncollectible accounts by age category, as follows:

Age Class	Percent Uncollectible
Not past due	1%
130 days past due	2
3160 days past due	12
6190 days past due	28
91120 days past due	41
Over 120 days past due	84

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?

Final Question 5. Assuming 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 In addition, the stockholders' equity (retained earnings) would be by because bad debt expense would be and net income by on the income statement. Starting Question Ag Customer Due Date Number of Days Past Due Fir Adams Sports & Flies May 22, 2014 days Blue Dun Flies Oct. 10, 20Y4 days 5. Cicada Fish Co. Sept. 29, 20Y4 days Or Deschutes Sports Oct. 20, 2014 days - Green River Sports Nov. 7, 2014 days Smith River Co. Nov. 28, 20Y4 days Western Trout Company Dec. 7, 2014 days Wolfe Sports Jan. 20, 2045 days Aging of Receivables Schedule 8 Adams Sports & Flies 9 Blue Dun Flies 10 Cicada Fish Co. 11 Deschutes Sports 12 Green River Sports 13 Smith River Co. 14 Western Trout Company 15 Wolfe Sports 16 Totals 17 Percentage uncollectible 18 Estimate of uncollectible accounts JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2