The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are is...
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The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are is due in the next year. Customer Due Date Balance Adams Sports & Flies May 22 $5,100 Blue Dun Flies Oct. 10 5,400 Cicada Fish Co. Sept. 29 8,200 Deschutes Sports Oct. 20 7,100 Green River Sports Nov. 7 3,000 Smith River Co. Nov. 28 2,600 Western Trout Company Dec. 7 6,600 Wolfe Sports Jan. 20 4,900 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 9 61-90 days past due 32 91-120 days past due 41 Over 120 days past due 85 1. Determine the number of days past due for each of the preceding accounts. If an account is no 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of th 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 Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exa 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affec The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are is due in the next year. Customer Due Date Balance Adams Sports & Flies May 22 $5,100 Blue Dun Flies Oct. 10 5,400 Cicada Fish Co. Sept. 29 8,200 Deschutes Sports Oct. 20 7,100 Green River Sports Nov. 7 3,000 Smith River Co. Nov. 28 2,600 Western Trout Company Dec. 7 6,600 Wolfe Sports Jan. 20 4,900 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 9 61-90 days past due 32 91-120 days past due 41 Over 120 days past due 85 1. Determine the number of days past due for each of the preceding accounts. If an account is no 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of th 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 Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exa 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affec
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Trophy Fish Company Accounts Receivable Aging Analysis 1 Days Past Due Calculation Assuming todays d... View the full answer
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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