Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of...

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Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Instructions Additional Question Trophy Fish Company supplies fies and fishing gear to sporting goods stores and outfitters throughout the western 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, 2014: Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due Past Customer AAA Outfitters Balance Due 1-30 31-60 61-90 91-120 Over 120 19,000.00 19,000.00 Brown Trout Fly Shop 7,800.00 7,800.00 Zigs Fish Adventures Subtotals 4,000.00 4,000.00 1,301,600.00 743,000.00 294,100.00 120,000.00 40,200.00 23,300.00 $1,000.00 Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question Instructions 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. Customer Due Date Balance Adams Sports & Flies May 22 $4,800 Blue Dun Flies Oct. 10 5,200 Cicada Fish Co. Sept. 29 8,000 Deschutes Sports Oct. 20 6,600 Green River Sports Nov. 7 3,500 Smith River Co. Nov. 28 2,000 Western Trout Company Dec. 7 Wolle Sports 6,600 Jan. 20 4,000 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Not past due Percent Uncollectible 1% 1-30 days past due Check My Work estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question Instructions Wolfe Sports Jan. 201 4,000 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Not past due Percent Uncollectible 1% 1-30 days past due 3 31-60 days past due 12 61-90 days past due 30 91-120 days past due 40 70 Over 120 days past due 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 $3,500 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? Chart of Accounts CHART OF ACCOUNTS Trophy Fish Company General Ledger ASSETS 110 Cash 111 Petty Cash. 121 Accounts Receivable-Adams Sports & Flies 122 Accounts Receivable-Blue Dun Flies 123 Accounts Receivable-Cicada Fish Co. 124 Accounts Receivable-Deschutes Sports REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense uctions Chart of Accounts 125 Accounts Receivable-Green River Sports 126 Accounts Receivable-Smith River Co. 127 Accounts Receivable-Western Trout Company 128 Accounts Receivable-Wolfe Sports 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense Chart of Accounts 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable Starting Question 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 Due Date Number of Days Past Due Adams Sports & Flies May 22, 2014 days Blue Dun Flies Oct. 10, 2014 days Cicada Fish Co. Sept. 29, 20Y4 days < Deschutes Sports Oct. 20, 20Y4 days Green River Sports Nov. 7, 2014 days. Smith River Co. Nov. 28, 20Y4 days Western Trout Company Dec. 7, 2014 days eBook Print Item Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question Starting Question wummer or Days at Due Adams Sports & Flies May 22, 2014 days Blue Dun Flies Oct. 10, 2014 days Cicada Fish Co. Sept. 29, 2014 days Deschutes Sports Oct. 20, 2014 days Green River Sports Nov. 7, 2014 days Smith River Co. Nov. 28, 2014 days Western Trout Company Dec. 7, 2014 days Wolfe Sports Jan. 20, 2015 days Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starling Question Aging of Receivables Schedule Additional Question Aging of Receivables Schedule 3 AAA Outfitters Brown Trout Fly Shop Zigs Fish Adventures Subtotals Adams Sports & Flies Aging of Receivables Schedule December 31, 2014 Days Past Due Days Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 19,000.00 19,000.00 7,800.00 7,800.00 4,000.00 4,000.00 1,301,600.00 745,000.00 294,100.00 120,000.00 40,200.00 Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question Aging of Receivables Schedule Adams Sports & Flies Blue Dun Flies 10 Cicada Fish Co. 11 Deschutes Sports 12 Green River Sports 11 Smith River Co. 34 Western Trout Company 15 Wolfe Sports Totals 17 Percentage uncollectible Estimate of uncollectible accounts Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. Additional Question Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule General Journal Additional Question 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $3,500 before adjustment on December 31. Joumalize the adjusting entry for uncollectible accounts. General Journal Instructions ber PAGE 101 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABLITIES EQUITY Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Instructions Additional Question Trophy Fish Company supplies fies and fishing gear to sporting goods stores and outfitters throughout the western 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, 2014: Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due Past Customer AAA Outfitters Balance Due 1-30 31-60 61-90 91-120 Over 120 19,000.00 19,000.00 Brown Trout Fly Shop 7,800.00 7,800.00 Zigs Fish Adventures Subtotals 4,000.00 4,000.00 1,301,600.00 743,000.00 294,100.00 120,000.00 40,200.00 23,300.00 $1,000.00 Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question Instructions 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. Customer Due Date Balance Adams Sports & Flies May 22 $4,800 Blue Dun Flies Oct. 10 5,200 Cicada Fish Co. Sept. 29 8,000 Deschutes Sports Oct. 20 6,600 Green River Sports Nov. 7 3,500 Smith River Co. Nov. 28 2,000 Western Trout Company Dec. 7 Wolle Sports 6,600 Jan. 20 4,000 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Not past due Percent Uncollectible 1% 1-30 days past due Check My Work estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question Instructions Wolfe Sports Jan. 201 4,000 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Not past due Percent Uncollectible 1% 1-30 days past due 3 31-60 days past due 12 61-90 days past due 30 91-120 days past due 40 70 Over 120 days past due 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 $3,500 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? Chart of Accounts CHART OF ACCOUNTS Trophy Fish Company General Ledger ASSETS 110 Cash 111 Petty Cash. 121 Accounts Receivable-Adams Sports & Flies 122 Accounts Receivable-Blue Dun Flies 123 Accounts Receivable-Cicada Fish Co. 124 Accounts Receivable-Deschutes Sports REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense uctions Chart of Accounts 125 Accounts Receivable-Green River Sports 126 Accounts Receivable-Smith River Co. 127 Accounts Receivable-Western Trout Company 128 Accounts Receivable-Wolfe Sports 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense Chart of Accounts 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable Starting Question 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 Due Date Number of Days Past Due Adams Sports & Flies May 22, 2014 days Blue Dun Flies Oct. 10, 2014 days Cicada Fish Co. Sept. 29, 20Y4 days < Deschutes Sports Oct. 20, 20Y4 days Green River Sports Nov. 7, 2014 days. Smith River Co. Nov. 28, 20Y4 days Western Trout Company Dec. 7, 2014 days eBook Print Item Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question Starting Question wummer or Days at Due Adams Sports & Flies May 22, 2014 days Blue Dun Flies Oct. 10, 2014 days Cicada Fish Co. Sept. 29, 2014 days Deschutes Sports Oct. 20, 2014 days Green River Sports Nov. 7, 2014 days Smith River Co. Nov. 28, 2014 days Western Trout Company Dec. 7, 2014 days Wolfe Sports Jan. 20, 2015 days Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starling Question Aging of Receivables Schedule Additional Question Aging of Receivables Schedule 3 AAA Outfitters Brown Trout Fly Shop Zigs Fish Adventures Subtotals Adams Sports & Flies Aging of Receivables Schedule December 31, 2014 Days Past Due Days Past Due Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 19,000.00 19,000.00 7,800.00 7,800.00 4,000.00 4,000.00 1,301,600.00 745,000.00 294,100.00 120,000.00 40,200.00 Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question Aging of Receivables Schedule Adams Sports & Flies Blue Dun Flies 10 Cicada Fish Co. 11 Deschutes Sports 12 Green River Sports 11 Smith River Co. 34 Western Trout Company 15 Wolfe Sports Totals 17 Percentage uncollectible Estimate of uncollectible accounts Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule Additional Question 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. Additional Question Aging of receivables; estimating allowance for doubtful accounts Instructions Chart of Accounts Starting Question Aging of Receivables Schedule General Journal Additional Question 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $3,500 before adjustment on December 31. Joumalize the adjusting entry for uncollectible accounts. General Journal Instructions ber PAGE 101 JOURNAL ACCOUNTING EQUATION DESCRIPTION POST REF DEBIT CREDIT ASSETS LIABLITIES EQUITY