Trophy Fish Company supplies Ples and fishing gear to sporting goods stores and outters throughout the westem 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, 2076: Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due Past Customer Balance Due 1.30 31-60 61.90 91.120 Over 120 Mi Outfitter 2050000 20,500.00 Brown Trout Fly Shop 7600.00 7.600,00 3,900.00 Zig Fish Adventure Subtotals 3.90000 299.000.00 1319.300.00 758200.00 129,300.00 36.9x7.00 17400.00 78.500.00 The following accounts were intentionally omitted from the aging schedule Due Date Customer Adams Sports & Flies Balance 54,800 May 22, 2018 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Adams Sports & Flies May 22, 2016 $4,800 Blue Dun Flies Oct 10, 20Y6 4,700 Cicada Fish Co. Sept. 29, 20Y6 8,600 Deschutes Sports Oct. 20, 2046 7,000 Green River Sports Nov. 7, 2016 3,500 Smith River Co. Nov. 28, 2016 2,200 Western Trout Company Dec. 7, 20Y6 6,900 Wolfe Sports Jan. 20, 2017 4,200 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not past due 1% 2 1-30 days past due 31-60 days past due 61-90 days past due 12 28 91-120 days past due 41 Over 120 days past due 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. Customer Due Date Number of Days Past Due Adams Sports & Flies May 22, 20Y6 days Blue Dun Flies Oct 10, 2046 days Cicada Fish Co. Sept. 29, 20Y6 days Deschutes Sports Oct. 20, 2016 days Green River Sports Nov. 7. 2046 days Smith River Co. Nov. 28, 2016 days days Western Trout Company Dec. 7,2046 Wolfe Sports Jan 20, 2017 days Aging of Receivables Schedule Zigs Fish Adventures 3,900.00 3,900.00 7 Subtotals 1,319,300.00 758,200.00 299,000.00 129 300.00 36 900.00 78,500.00 17400.00 Adams Sports & Fles 2 Blue Dun Flies 10 Cicada Fish Ca 11 12 15 Deschutes Sports Green River Sports Smith River Co Western Trout Company Wolle Sports 34 Total 1 Percentage uncollectible Estimate of uncollectible accounts 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubts accounts for Trophy Fish Company has a debt balance of 53,500 before adjustment on December 31, 20Y6. Jourmaline the adjusting enty for uncoffectile accounts. Roter to the chart of accounts for a dating or the account to the company uses. MO 10 ACCOUNTING EQUATION JOURNAL car ASSETS LALITIES EQUITY OPRON POST. REF DATE 5. Assume that the adjusting entry in () was inadvertently omitted, now would the mission affect the balance sheet and income statement? On the balance sheet, assets would be because the allowance for doubtscounts would be addition, the owner's capital count would be by boonuse bad debt expense would be on the income statement ty and not income
