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Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western Uins completed aging of recervables schedule as of
Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western Uins completed aging of recervables schedule as of the end of business on December 31,20Y4 The following accounts were unintentionally omitted from the aging schedule Assume all due dates are for the current year exceot for thate spatis wichis due in the n The following accounts were unintentionally omitted from the aging schedule. Assu Trophy Fish has a past history of uncollectible accounts by age category, as follows 1 Determine the number of days past due for each of the preceding accounts if an account is not past due onter a 2 o ro 3 Estimate the allowance for doubtful accounts, based on the aging of recervables schedule Journalize the adjusting entry for uncollectible accounts Rofer to the Chart of Accounts for exact wioruling of account itses CHART OF ACCOUNTS Trophy Fish Company General Ledger ASSETS110Cash111PettyCash121AccountsReceivable-AdamsSports&Flies122AccountsReceivable-BlueDunFlies123AccountsReceivable-CicadaFishCo124AccountsRecervable-DeschutesSports125AccountsReceivable-GreenRiverSports126AccountsReceivable-SmithRiverCo127AccountsReceivable-WesternTroutCompanyREVENUE410Sales610InterestRevenueEXPENSES510CostofGoodsSold520SalesSalanesExpense521AdvertisingExpense522DepreciationExpenseStoreEqupmentt523DeliveryExpense Fist nas 124 Accounts Recervable-Deschutes Sports 520 Sales Salaries Expense 125 Accounts Recervable-Green River Sports 521 Advertising Expense 126 Accounts Receivable-Smith River Co 522 Depreciation Expense-Store Equipinani 127 Accounts Recervable-Western Trout Company 523 Delivery Expense 128 Accounts Receivable-Wolfe Sports 524 Repairs Expense 129 Allowance for Doubtful Accounts 529 Selling Expenses 131 Interest Receivable 530 Office Salanes Expense 194 Accumulated Depreciation-Office Equipment 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends 2 Complete the aging of recervables schedule by adding the omitted accounts to the bottom of the schedule and upciationi? Chart of Accounts Starting Question Aging of Receivables Schedule 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule Feedback Check My Work 3 The analysis of receivables method places more emphasis on the net reaizzable value of the receivables and thus, emphasizes the balance sheet That is, the amount of the adjusting entry amount that will yield an adjusted balance for Allowance for Doubtful Accounts equal to that estim 4 Assume that the allowance for doubtful accounts for Tropt to the Chart of Accounts for exact wording of account uties
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