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Please Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank. The schedule that needs to be comis attached to this post below      References:     1     Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due 2     Past           3 Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 4 AAA Outfitters 20,700.00 20,700.00           5 Brown Trout Fly Shop 7,100.00     7,100.00       6 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 7                 8 Zigs Fish Adventures 3,900.00   3,900.00         9 Subtotals 1,307,400.00 756,200.00 292,000.00 118,400.00 41,000.00 18,100.00 81,700.00           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 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 Percent Uncollectible Not past due   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

Please Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank. The schedule that needs to be comis attached to this post below      References:     1     Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due 2     Past           3 Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 4 AAA Outfitters 20,700.00 20,700.00           5 Brown Trout Fly Shop 7,100.00     7,100.00       6 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ 7                 8 Zigs Fish Adventures 3,900.00   3,900.00         9 Subtotals 1,307,400.00 756,200.00 292,000.00 118,400.00 41,000.00 18,100.00 81,700.00           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 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 Percent Uncollectible Not past due   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

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 8E
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Please Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank.


The schedule that needs to be comis attached to this post below 

 

 

References:

 

 
1
 
 
Not
Days Past Due
Days Past Due
Days Past Due
Days Past Due
Days Past Due
2
 
 
Past
 
 
 
 
 
3
Customer
Balance
Due
1-30
31-60
61-90
91-120
Over 120
4
AAA Outfitters
20,700.00
20,700.00
 
 
 
 
 
5
Brown Trout Fly Shop
7,100.00
 
 
7,100.00
 
 
 
6
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
~~~~~
7
 
 
 
 
 
 
 
 
8
Zigs Fish Adventures
3,900.00
 
3,900.00
 
 
 
 
9
Subtotals
1,307,400.00
756,200.00
292,000.00
118,400.00
41,000.00
18,100.00
81,700.00
 
 
 
 
 

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
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
Percent Uncollectible
Not past due   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
Instructions Chart of Accounts ASSETS 110 Cash Chart of Accounts Co. 111 Petty Cash 121 Accounts Receivable-Adams Sports & Flies 122 Accounts Receivable-Blue Dun Flies Co. CHART OF ACCOUNTS 123 Accounts Receivable-Cicada Fish Trophy Fish Company General Ledger 124 Accounts Receivable-Deschutes Sports 125 Accounts Receivable-Green River Sports 126 Accounts Receivable-Smith River LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 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 191 Store Equipment 192 Accumulated Depreciation-Store Equipment EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 193 Office Equipment 194 Accumulated Depreciation-Office Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 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 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense
Transcribed Image Text:Instructions Chart of Accounts ASSETS 110 Cash Chart of Accounts Co. 111 Petty Cash 121 Accounts Receivable-Adams Sports & Flies 122 Accounts Receivable-Blue Dun Flies Co. CHART OF ACCOUNTS 123 Accounts Receivable-Cicada Fish Trophy Fish Company General Ledger 124 Accounts Receivable-Deschutes Sports 125 Accounts Receivable-Green River Sports 126 Accounts Receivable-Smith River LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 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 191 Store Equipment 192 Accumulated Depreciation-Store Equipment EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 193 Office Equipment 194 Accumulated Depreciation-Office Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 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 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense
Aging of Receivables Schedule 2 H 3 AAA Outfitters 4 Brown Trout Fly Shop 5 7 9 6 Zigs Fish Adventures 18 Subtotals 8 Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports 10 16 11 12 13 14 Customer P Totals Percentage uncollectible Estimate of uncollectible Balance 20,700.00 7,100.00 P 3,900.00 1,307,400.00 Not Past Due 20,700.00 756,200.00 December 31, 20Y4 Days Past Due 1-30 CÓ TỪ 3,900.00 292,000.00 M kpl 11 Days Past Due 31-60 2007 7,100.00 By Pap Ayd 118,400.00 Days Past Due 61-90 My Pay-Per-Pay 41,000.00 Sab Pevery WAT FORES onal Question Days Past Due 91-120 fe Pax Ayly Pin 18,100.00 STAD Sp TOE CRE D 2 ne de Jegy R = 42338 20 Seor ve Journal Days Past Due Over 120 PoRo Ro Ro Ro 81,700.00 Sha
Transcribed Image Text:Aging of Receivables Schedule 2 H 3 AAA Outfitters 4 Brown Trout Fly Shop 5 7 9 6 Zigs Fish Adventures 18 Subtotals 8 Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports 10 16 11 12 13 14 Customer P Totals Percentage uncollectible Estimate of uncollectible Balance 20,700.00 7,100.00 P 3,900.00 1,307,400.00 Not Past Due 20,700.00 756,200.00 December 31, 20Y4 Days Past Due 1-30 CÓ TỪ 3,900.00 292,000.00 M kpl 11 Days Past Due 31-60 2007 7,100.00 By Pap Ayd 118,400.00 Days Past Due 61-90 My Pay-Per-Pay 41,000.00 Sab Pevery WAT FORES onal Question Days Past Due 91-120 fe Pax Ayly Pin 18,100.00 STAD Sp TOE CRE D 2 ne de Jegy R = 42338 20 Seor ve Journal Days Past Due Over 120 PoRo Ro Ro Ro 81,700.00 Sha
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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 $4,400 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of act titles.

4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $4,400 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of acc titles. 1 2 DATE uncollectible DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING FOLATION ASSETS PAGE 10 LIABILITIES EQUITY
Transcribed Image Text:4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $4,400 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of acc titles. 1 2 DATE uncollectible DESCRIPTION JOURNAL POST. REF. DEBIT CREDIT ACCOUNTING FOLATION ASSETS PAGE 10 LIABILITIES EQUITY
Instructions Chart of Accounts ASSETS 110 Cash Chart of Accounts Co. 111 Petty Cash 121 Accounts Receivable-Adams Sports & Flies 122 Accounts Receivable-Blue Dun Flies Co. CHART OF ACCOUNTS 123 Accounts Receivable-Cicada Fish Trophy Fish Company General Ledger 124 Accounts Receivable-Deschutes Sports 125 Accounts Receivable-Green River Sports 126 Accounts Receivable-Smith River LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 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 191 Store Equipment 192 Accumulated Depreciation-Store Equipment EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 193 Office Equipment 194 Accumulated Depreciation-Office Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 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 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense
Transcribed Image Text:Instructions Chart of Accounts ASSETS 110 Cash Chart of Accounts Co. 111 Petty Cash 121 Accounts Receivable-Adams Sports & Flies 122 Accounts Receivable-Blue Dun Flies Co. CHART OF ACCOUNTS 123 Accounts Receivable-Cicada Fish Trophy Fish Company General Ledger 124 Accounts Receivable-Deschutes Sports 125 Accounts Receivable-Green River Sports 126 Accounts Receivable-Smith River LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 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 191 Store Equipment 192 Accumulated Depreciation-Store Equipment EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 193 Office Equipment 194 Accumulated Depreciation-Office Equipment REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 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 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense
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