(Solved): Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outfitters througho ...

structions Customer AAA Outfitters Brown Trout Fly Shop Zigs Fish Adventures Subtotals Customer Adams Sports & Fies Blue Dun Flies Cicada Fish Co Deschutes Sports Green River Sports Smith River Co Balance Western Trout Company Wolle Sports 20,200.00 8,000.00 4.100.00 1,304,500.00 Not Past Due Due Date May 22 Oct 10 Sept. 29 Oct 20 Nov 7 Nov. 28 Dec. 7 Jan. 20 20.200.00 748.300.00 Balance $4,900 5,200 8,000 6,600 3,000 2,000 6,400 4,400 Days Past Due 1-30 4,100.00 297,300.00 Days Past Due 31-60 8.000.00 117,000.00 Days Past Due 61-90 38,700.00 Days Past Due 91-120 The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year 23,800.00 Days Past Due Over 120 79,400,00 Age Class Not past due 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 Percent Uncollectible 1% 3 10 29 41 fits by age category, as follows 79 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 $4,700 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? Tre 1. Determine the number of days past due for each of the accounts below. If an account is not past due, enter a zero. Customer Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co Western Trout Company Wolfe Sports Due Date May 22, 2014 Oct 10, 2014 Sept 29, 20Y4 Oct 20, 2014 Nov 7, 2014 Nov. 28, 2014 Dec. 7, 2014 Jan 20, 2015 Number of Days Past Due days days days days days days days days 15 Question ng of Receivables Schedule 10 5 Customer AAA Outfitters Brown Trout Fly Shop 11 Zigs Fish Adventures 12 Subtotals Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Totals Percentage uncollectible Estimate of uncollectible 13 Chart of Accounts 14 15 16 17 18 Starting Question Aging of Receivables Schedule Additional Question Journal Final Q Balance 20,200.00 8,000,00 4.100.00 1,304,500.00 Not Past Due 20,200.00 748,300,00 December 31, 2014 Days Past Due 1-30 4.100.00 297,300.00 Days Past Due 31-60 8,000.00 117.000.00 Days Past Due Days Past Due 61-90 91-120 38,700.00 23.800.00 Days Past Due Over 120 79,400.00 Additional Question 10 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. X umal Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $4,700 before adjustment on December 31. Journalize the adjusting atry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account titles 1 DATE DESCRIPTION JOURNAL POST. REF DEBIT CREDIT ACCOUNTING EQUATION ASSETS PAGE 10 LIABILITIES EQUITY Final Question 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 would be by because bad debt expense would be on the income statement. because the allowance for doubtful accounts by by In addition, the owner's capital account would be and net income by X Decer