Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the wester United States. The conclerk for Trophy Fish prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2014: Du D. th they - M 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. Customer Due Date Balance Acare Sports Iles May 2254500 Bu Dun Fles Oct 10 5400 Cicada a co Sept 7.900 Deschultes Sports Oct. 20 6.100 Green River Sports Nov 2.000 We Trout Company Dec. To Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Close Percent Uncollectie Nople 5-90 days 31-60 days pastu 61-80 day post 95-120 days pasto Over 120 day past du 11 20 Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of 53,200 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts Refer to the Chart of Accounts for exact wording of account titles. * Assume that the adjusting entry in (4) was inadvertently omilted, how would the omission affect the balance sheet and income statement? 4 1. Determine the number of days past due for each of the accounts below. If an account is not past due, enter a zero Customer Due Date Number of Days Past Due Adam Sports & May 22,2014 day Be Dunes Od 10.2014 Ciada Fish Sept 23, 2014 Deschule Sports Cal. 20, 2014 days Green River Sports Now. T. 2014 Smith River Nov 28, 2014 Western Trout Company Dec. 7. 2074 day Wolle Sports Jan 20, 2015 day 2 Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank Aging of Receivables Schedule December 31, 2014 bus Dual Not AO Sh 2010 Adam Sports & Blue Dhus Flies Clada Ficha Green River Soniche River West C Tecale Pem collectible Este 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 $3,200 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY + 2 5. 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 because the allowance for doubtful accounts would be by In addition, the owner's capital account would be _by because bad debt expense would be and net income by on the income statement. by CHART OF ACCOUNTS Trophy Fish Company General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable Adams Sports & Flies 122 Accounts Receivable-Blue Dun Fies 123 Accounts Receivable-Cicada Fan Co. 124 Accounts Receivable-Deschtes Sports 125 Accounts Receivable-Green Rover Sports 126 Accounts Receivable-Smith River Co. 127 Accounts Receivable- Western Trout Company 128 Accounts Receivable-Wolfe Sports 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 520 Sales Salones Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 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 Earnings 312 Dividends oter 8 Work Problems eBook Calculator Final Question 5 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 debt expense would be because the allowance for doubtful accounts would be the owner's capital account would be by because bad understated come by on the income statement overstated e ebook ebook Calculator Final Question 5. 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 would be by because bad In addition, the owner $128.603 and net income debt expense would be by on the income statement $131,203 $131,803 TA Final Question 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and in On the balance sheet, assets would be by by because the allowance for doubtful accoun In addition, the owner's capital account would be by and net income by on the income statem understated overstated innl Question Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income state In the balance sheet, assets would be by by because the allowance for doubtful accounts would b In addition, the owner's capital account would be by and net income by on the income statement ebt expense would be $131,203 $131,803 $ 128,603 8 Work Problems eBook Calculator Final Question Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income stater On the balance sheet, assets would be 7 by because the allowance for doubtful accounts would be In addition, the owner's capital account would be be and net income by i come statement understated by ebt expense would be K by overstated Question sume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income stateme he balance sheet, assets would be by because the allowance for doubtful accounts would be In addition, the owner's capital account would be by by expense would be and net income by on the income $128.803 $131.803 $131.203 invoker=&take cer 8 Work Problems eBook Calculator Final Question 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statem On the balance sheet, assets would be by debt expense would be v by because the allowance for doubtful accounts would be In addition, the owner's capital account would be by and net income by on the income statement overstated understated Assignment Main.do?invoker=&tak ter 8 Work Problems eBook Calculator Final Question 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income stater On the balance sheet, assets would be by debt expense would be v by because the allowance for doubtful accounts would be In addition, the owner's capital account would be by b and net income by on the income statement understated overstated er 8 Work Problems eBook Calculator Final Question 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income state On the balance sheet, assets would be v by debt expense would be by because the allowance for doubtful accounts would In addition, the owner's capital account would be by and net income by on the income statement $131,203 $131,803 $128,603 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: Not Days Past Duc Days Past Due Days Past Due Days Past Due Days Past Due 2 Past Customer Balance Due 1-30 31-60 61.90 91-120 Over 120 4 AAA Outfitters 20,100.00 20,100.00 Brown Trout Fly Shop 7,300,00 7,300.00 Zig Fish Adventures 4,200.00 4,200.00 Subtotals 1,328.100,00 759,100.00 299,900.00 125,700.00 44,600.00 19.100.00 79.700.00 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 $4,500 5,400 Customer Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Due Date May 22 Oct. 10 Sept. 29 Oct. 20 Nov. 7 Nov. 28 7,900 6.500 3,000 2,200 Dec. 7 6.700 Jan. 20 4,200 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Uncollectible 1% 3 Age Class 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 11 29 38 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. * Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. * Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $3,200 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account titles. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? 5. Customer 1. Determine the number of days past due for each of the accounts below. If an account is not past due, enter a zero. Due Date Number of Days Past Due Adams Sports & Flies May 22, 2014 days Blue Dun Flies Oct 10, 2014 days Cicada Fish Co. Sept. 29, 2014 Deschutes Sports Oct. 20, 2014 days Green River Sports Nov. 7, 2014 days Smith River Co. Nov. 28, 2014 days days Western Trout Company Dec. 7. 2044 days Wolfe Sports Jan 20, 2015 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 amount box does not require an entry, leave it blank. Aging of Receivables Schedule December 31, 2074 Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 91-120 Over 120 20,100.00 20,100.00 AAA Outfitters Brown Trout Fly Shop 7.300.00 7.300.00 Zig Fish Adventures 4,200.00 4.200.00 Subtotals 1.328,100.00 759,100.00 299.900.00 125.700.00 44,600,00 19.100.00 79,700.00 X Adams Sports & Flies Blue Dun Flies 1 Cicada Fish Co Deschutes Sports Green River 12 Sports 1 Smith River Co. Western Trout 14 Company 151 Wolfe Sports Totals 17 Percentage uncollectible Estimate of uncollectible 18 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 Fish Company has a debit balance of $3,200 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. RDF DEBIT CREDIT ASSETS LIABILITIES EQUITY + 2 5. 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 In addition, the owner's capital account would be by because bad debt expense would be and net income by on the income statement. by CHART OF ACCOUNTS Trophy Fish Company General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Adams Sports & Flies 122 Accounts Receivable-Blue Dun Flies 123 Accounts Receivable-Cicada Fish Co. 124 Accounts Receivable-Deschutes Sports 125 Accounts Receivable-Green River Sports 126 Accounts Receivable-Smith River Co. 127 Accounts Receivable-Westem Trout Company 128 Accounts Receivable-Wolfe Sports 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salarles Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends