Chapter 9 Receivables The following accounts were unintentionally omitted from the aging schedule: Balance $5,000 4,900 8,400 7,000 Customer Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Due Date May 22, 2016 Oct. 10, 2016 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 Sept. 29, 2016 Oct. 20, 2016 Nov. 7, 2016 Nov. 28, 2016 Western Trout Company Dec. 7, 2016 Wolfe Sports Jan. 20, 20Y7 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Uncollectible 1% 2 10 30 40 80 3,500 2,400 6,800 4,400 481 Instructions 1. Determine the number of days past due for each of the preceding accounts. 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 $3,600 before adjustment on December 31, 20Y6. Journalize the adjusting entry for uncollectible accounts.

Chapter 9 Receivables The following accounts were unintentionally omitted from the aging schedule: Balance $5,000 4,900 8,400 7,000 Customer Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Due Date May 22, 2016 Oct. 10, 2016 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 Sept. 29, 2016 Oct. 20, 2016 Nov. 7, 2016 Nov. 28, 2016 Western Trout Company Dec. 7, 2016 Wolfe Sports Jan. 20, 20Y7 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Uncollectible 1% 2 10 30 40 80 3,500 2,400 6,800 4,400 481 Instructions 1. Determine the number of days past due for each of the preceding accounts. 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 $3,600 before adjustment on December 31, 20Y6. Journalize the adjusting entry for uncollectible accounts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Balance Estimated UncollectibleAccounts Percent Estimated UncollectibleAccounts Amount Not past due $878,000 3/4 % $6,585 1-30 days past due 96,600 2 1,932 31-60 days past due 43,900 8 3,512 61-90 days past due 31,600 14 4,424 91-180 days past due 22,800 38 8,664 Over 180 days past due 16,700 75 12,525 Total $1,089,600 $37,642 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,775 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Dec. 31 - Select - - Select - - Select - - Select -
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