Trophy Fish Company supplies flies and fishing gear to sporting goods stores and cuttiters throughout the westem United States. The accounts receivable clerk foe 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 trom the aging schedule. Assume all due dates are for the current year except tor Wolle Sports, which is due in the next yoar, The following accounts were unintentionally omitted trom the aging schedule. Assume all due dates are for the current year except tor Wolfe Sports, which is due in the next year. Trophy Fish has a past history of uncolectible accounts by age category, as follows: 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. Trophy Fish has a past histery of uncollectble accounts by age category, as follows: Required: 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zerd. 2. Complele the aging of receivabies schedule by adding the omitied accounts to the bontom of the schedule and updating the totals. 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schectule. 4. Assume that the allowance for docbiful accounts for Trophy Fish Compary has a debit balance of $3.600 before adjustment on Docember 31 . Joumalize the adjusting entry for uncollectibile accounts. 5. Acsumino that the adiustino entry in (4) was intadvertentiv omitted how would the omission affect the balance sheet and income statement? Chart of Accounts \begin{tabular}{|ll} \hline Chart of Accounts & \\ \hline 132 Notes Receivabie & 532 Depreciation Expense-Office Equip \\ 141 Merchandise Inventory & 533 Insurance Expense \\ 145 Office Supplies & 534 Office Supplies Expense \\ 146 Store Supplies & 535 Store Supplies Expense \\ 151 Prepaid Insurance & 536 Credit Card Expense \\ 181 Land & 537 Cash Short and Over \\ 191 Store Equipment & 538 Bad Debt Expense \\ 192 Accumulated Depreciation-Store Equipment & 539 Miscellaneous Expense \\ 193 Office Equipment & 710 Interest Expense \\ 194 Accumulated Depreciation-Office Equipment & 70 \end{tabular} 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 1. Determine the number of days past due for each of the accounts below. 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. adding the omitted accounts to the bottom of the schedule and updating the totals. Aging of receivables; estimating allowance for doubtful accounts
