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Trophy Fish has a past history of uncollectible accounts by age category, as follows: 1. Determine the number of days past due for each of
Trophy Fish has a past history of uncollectible accounts by age category, as follows: 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 $3,600 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 1. Determine the number of days past due for each of the accounts below. If an account is not past due, enter a zero. 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. ssume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? balance sheet, assets would be b) 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
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