Starting Question Aging of Receivables Schedule Additional Question Journal Final Question Trophy Fish Company supplies flies and fishing gear to sporting goods stores and others 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 Du Past Customer Balance Due 1-30 31-60 61 90 91-120 Over 120 AAA Outfitters 20,500.00 20,500.00 Brown Trout Fly Shop 7,600.00 7.600.00 Zigs Fish Adventures 3.900.00 3,900.00 Check My Work 3 more Check My Work uses remaining Type here to search Aging of receivables; estimating allowance for doubtful accounts Starting Question Aging of Receivables Schedule Instructions Customer Adams Sports & Flies Blue Dun Flies Balance $4,800 4,700 Cicada Fish Co. 8,600 Deschutes Sports Due Date May 22 Oct. 10 Sept. 29 Oct. 20 Nov. 7 Nov. 28 Dec 7 Jan. 20 Green River Sports 7,000 3,500 2,200 Smith River Co. Western Trout Company Wolfe Sports 6.900 4,200 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not past due 1% 1-30 days past due Instructions Age Class Not past due Percent Uncollectible 1% 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 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. 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 Starting Question Aging of Receivables Schedule Additional Question Journal Final Question Trophy Fish Company supplies flies and fishing gear to sporting goods stores and others 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 Du Past Customer Balance Due 1-30 31-60 61 90 91-120 Over 120 AAA Outfitters 20,500.00 20,500.00 Brown Trout Fly Shop 7,600.00 7.600.00 Zigs Fish Adventures 3.900.00 3,900.00 Check My Work 3 more Check My Work uses remaining Type here to search Aging of receivables; estimating allowance for doubtful accounts Starting Question Aging of Receivables Schedule Instructions Customer Adams Sports & Flies Blue Dun Flies Balance $4,800 4,700 Cicada Fish Co. 8,600 Deschutes Sports Due Date May 22 Oct. 10 Sept. 29 Oct. 20 Nov. 7 Nov. 28 Dec 7 Jan. 20 Green River Sports 7,000 3,500 2,200 Smith River Co. Western Trout Company Wolfe Sports 6.900 4,200 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not past due 1% 1-30 days past due Instructions Age Class Not past due Percent Uncollectible 1% 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 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. 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