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 prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2015: Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due 2 Past 5 Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 An Outfitters 20,700.00 20,700.00 5 Brown Trout Fly Shop 7,100.00 7,100.00 6 Zigs Fish Adventures 3,900.00 3,900.00 Subtotals 1,307,400.00 756,200.00 292,000.00 118,400.00 41,000.00 18,100.00 81,700.00 Instructions Subtotals 1,307,400.00 756,200.00 292,000.00 118,400.00 41,000.00 18.100.00 The following accounts were unintentionally omitted from the aging.schedule: Customer Due Date Balance May 22, 2015 $5,100 Adams Sports & Flies Blue Dun Flies Oct. 10, 2015 5,400 Cicada Fish Co. Sept. 29, 2015 8,200 Deschutes Sports Oct. 20, 2015 7,100 Green River Sports Nov. 7, 2015 3,000 Smith River Co. Nov. 28, 2015 2,600 Western Trout Company Dec. 7, 2015 6,600 Wolfe Sports Jan 20, 2016 4.900 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Ana Clace Dorrent linrollertible Webron Aging of Receivables Schedule Additional Question Instructions Smith River Co. Nov. 28, 2015 2,600 Western Trout Company Wolfe Sports Dec. 7, 2015 6,600 Jan. 20, 2016 4,900 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not past due 1% 3 9 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 32 41 85 Required: 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 Fermate the allowance for doubtful account hacert on the annnnnnavahie schedule wacatur Print Item Instructions Age Class Percent Uncollectible Not past due 1% 3 1-30 days past due 31-60 days past due 9 32 61-90 days past due 91-120 days past due 41 Over 120 days past due 85 Required: 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 $4,400 before adjustment on December 31, 2015. Journalize the adjusting entry for uncollectible accounts. Refer to the chart of accounts for a listing of the account titles the company uses. 5. Assume thar the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? Instructions Percent lincollectible Ana Cines Starting Question 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. Customer Due Date Number of Days Past Due g Adams Sports & Flies May 22, 2015 days Blue Dun Flies Oct. 10, 2015 days Cicada Fish Co. Sept. 29, 2015 days 1. Deschutes Sports Oct. 20, 2015 days 2. Green River Sports Nov. 7, 2015 days 3. Smith River Co. Nov. 28, 2015 days 4. Western Trout Company Dec. 7. 2015 days Wolfe Sports Jan 20, 2016 days 1 Aging of Receivables Schedule 2. Complete the aging of receivables schedule by adding the omimed accounts to the bottom of the schedule and updating the totals. an amount box does not require an entry leave it Blank Aging of Receivables Schedule December 31, 2015 Days Put Due Days Past Due 1:30 Customer MA Outfitters Balance Days Past Due Not Past Due 20,700.00 Days Past Oue 61-90 31-60 Days Past Due Over 120 91-120 Brown Trout Fly Shop 20.700.00 7,100.00 7100.00 Zigs Fish Adventures Subtotals 3.900.00 5000.00 1,307400.00 756,200.00 292.000 DO Adams Sports & Flies 118,400.00 41.000.00 18 10000 81,700.00 Check My Work 1 more Check My Wors Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question Aging of Receivables Schedule AAA Outfitters 20,700.00 1 20,700.00 4 Brown Trout Fly Shop 7,100.00 7,100.00 6 Zigs Fish Adventures 3,900.00 3,900.00 7 Subtotals 1,307,400.00 756,200.00 292,000.00 118,400.00 41,000.00 18,100.00 81,700.00 3 Adams Sports & Flies Blue Dun Flies 10 Cicada Fish Co. 11 Deschutes Sports Green River Sports 15 Smith River Co. 14 Western Trout Company Wolfe Sports 15 16 Totals Check My Work 1 more Check My Work uses remaining, All work saved. Save and Exit Subm Lavo SMAL 17 ? ? n/takeAssignment/takeAssignmentMain.do?invokere&takeAssignmentSessionLocator=&inprogress=false eBook Print Item Calculator Chart of Accounts Starting Question Aging of Receivables Schedule Instructions Additional Question L Aging of Receivables Schedule # Adams Sports & Flies Blue Dun Flies 10 Cicada Fish Ca 11 12 Deschutes Sports Green River Sports Smith River Co 14 Western Trout Company Wolfe Sports 15 16 Totals 11 Percentage uncollectible Estimate of uncollectible 11 accounts Check My Work 1 more Check My Work uses remaining All work saved Suthor Adams Sports & Tues 9 Blue Dun Flies 10 Additional Question X 11 12 13 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule, $ 14 15 16 17 18 My Work uses remaining eBook Calculator Print item Aging of Receivables Schedule # Adams Sports & Flies 9 Blue Dun Flies te Additional Question Journal 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $4,400 before adjustment on December 31, 2015. Journalize the adjusting entry for uncollectible accounts. Refer to the chart of accounts for a listing of the account tibes the company uses. PAGE 10 JOURNAL DATE DESCRIPTION POST. REF DEBIT CREDIT 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 addition, the owner's capital account would be by because the allowance for doubtful accounts would be because bad debt expense would be by by and net income by on the income statement $133.212 $133,812 $129,412