Trophy Fish Company supplies flies 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 Past Customer Balance 1-30 31-60 61-90 91-120 Over 120 Due 20,900.00 AAA Outfitters 20,900.00 Brown Trout Fly Shop 7,000.00 7,000.00 Zigs Fish Adventures 4,000.00 4,000.00 Subtotals 1,284,400.00 752,900.00 281,800.00 110,100.00 41,200.00 19,800.00 78,600.00 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 May 22 Oct. 10 Balance $4,600 Adams Sports & Flies Blue Dun Flies 4,900 Cicada Fish Co. 8,100 7,000 Deschutes Sports Green River Sports Sept. 29 Oct. 20 Nov. 7 Nov. 28 Dec. 7 Jan. 20 3,300 2,400 Smith River Co. Western Trout Company 7,300 Wolfe Sports 4,600
Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Uncollectible 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 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 $4,800 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?
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