Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States, The aoc clerk for Trophy Fish prepared the following partialy completed aging of recelvables schedule as of the end of business on December 31 . fies files and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivatile red the following partially completed aging of receivabies schedule as of the end of business on December 31,20Y6 : 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero Aging of Receivables Schedule Aging of Receetvables Schedule Aging of Receivables Schedule Aging of Recelvables Schedu'e Instructions Slarting Question. Aging of Receivables Schedule 10 Cicada Fish Co. Deschutes Sports Green River 5ports 11 Smith River Co. 14 Western frout Company 13 Wolfe Sparts 16. Total 1) Percentage uncollectible Estimate of uncoilectible actounts Wolfe Sports Jan, 20, 20Y7 3. Estimate the allowance for doubtrul accounts, based on the aging of recelvables schedule 4. Assume that the aliowance for doubtfuf accounta for Trophy Fish Company has a debit balance of 33,200 bebore adjustinent on Decemy adjusting entry for uncollectible accounts. Refer to the chart of accounts for the exact wording of the account bies. CNOW journala id nof Every Mne on a joumal page is used for debit or credit entries. CNOW journais will automaticaly indent a credit entry when a credt amoun 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheer and income statement? On the baiance sheet, assets would be by because the allowance for doubiful accounts would be by In addition, the owner's capital account would be because bad debt expense would be statement. The following accounts were unintentionally omitted from the aging schedule: Trophy Fish has a past history of uncollectible accounts by age category, as follows: Instructions Required: 1. Determine the number of days past due for each of the preceding accounts. If an laccount 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 \$3,200 before adjustment on De 20Y6. Journalize the adjusting entry for uncollectible accounts. Refer to the chart of accounts for the exact wording of the account joumals do not use lines for journal explanations. Every line on a joumal page is used for debit or credit entries. CNOW journals w. automatically indent a credit entry when a credit amount is entered
