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:

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
Adams Sports & Flies	May 22	$4,900
Blue Dun Flies	Oct. 10	5,200
Cicada Fish Co.	Sept. 29	8,300
Deschutes Sports	Oct. 20	6,800
Green River Sports	Nov. 7	3,800
Smith River Co.	Nov. 28	2,900
Western Trout Company	Dec. 7	7,000
Wolfe Sports	Jan. 20	4,400

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	8
6190 days past due	30
91120 days past due	39
Over 120 days past due	80

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 $4,000 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account titles.
5.	Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?

CHART OF ACCOUNTS

Trophy Fish Company

General Ledger

	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-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

	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

	REVENUE
410	Sales
610	Interest Revenue

	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

1 Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due 2 Past 3 Customer Due 1-30 31-60 61-90 91-120 Over 120 4 Balance 20,600.00 7,200.00 AAA Outfitters 5 Brown Trout Fly Shop 20,600.00 7,200.00 6 7 8 Zigs Fish Adventures 4,200.00 4,200.00 9 Subtotals 1,301,200.00 751,700.00 287,100.00 126,100.00 37,800.00 23,500.00 75,000.00 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 Adams Sports & Flies May 22, 2014 223 days Blue Dun Flies Oct 10, 2014 82 days Cicada Fish Co. Sept. 29, 2014 93 days Deschutes Sports Oct. 20, 2014 72 days Green River Sports Nov. 7, 2074 54 days Smith River Co. Nov. 28, 2014 33 days Western Trout Company Dec. 7, 2014 24 days Wolfe Sports Jan 20, 2045 0 days Score: 0/172 Aging of Receivables Schedule December 31, 2014 1 Days Past Due Days Past Due Days Past Due 31-60 Days Past Due 61-90 Days Past Due 91-120 2 Balance Not Past Due 1-30 Over 120 3 Customer AAA Outfitters + Brown Trout Fly Shop 20,600.00 20,600.00 7,200.00 7,200.00 5 4,200.00 4,200.00 7 1,301,200.00 751,700.00 287,100.00 126,100.00 37,800.00 23,500.00 75,000.00 10 11 6 Zigs Fish Adventures Subtotals 3 Adams Sports & Flies 9 Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Westem Trout Company Wolfe Sports 12 13 14 15 16 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 $4.000 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account titles. Question not attempted. PAGE 10 JOURNAL Score: 0/25 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 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 by In addition, the owner's capital account would be by because bad debt expense would be and net income on the income statement. Points: 0/9