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excel sheet

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Description

PR9-2A. Steelhead Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Steelhead prepared the following partially completed aging-of-receivables schedule as of the end of business on December 31, 2007: A B C D E | F G | H | Not Days Past Due Customer Balance Past Due 1-30 31-60 T 61-90 T 91-1^20 lover 120 : 1 Alexandra Fishery 15,000 15,000 i ! i I . …LI 2 Cutthroat Sports 5,500 ! 5,500 I I 2 ^O- “~ -………„.-••••””••”•••–…………• “‘~~”” – ~~ ~………….. •:-•••””•”‘ ……………. ‘”••-• I l : ; i ^ 30 Yellowstone Sports 2,900 2,900 j | [ 30 31 Subtotals 880,000 448,600 247,250 98,750: 33,300 j 29,950 | 22,150:31 The following accounts were unintentionally omitted from the aging schedule. Customer Due Date Balance Baitfish Sports & Flies June 21, 2007 $1,750 Kiwi Flies Sept. 9, 2007 650 Adams Co. Sept. 30, 2007 1,500 Bailey Sports Oct. 17, 2007 600 Prince Sports Nov. 18, 2007 950 Cahill Co. Nov. 28, 2007 2,000 Wintson Company Dec. 1, 2007 2,250 Goofus Bug Sports Jan. 6, 2008 6,200 Steelhead Company has a past history of uncollectible accounts by age category, as follows: Percent Age Class Uncollectible Not past due 2% 1-30 days past due 5 31-60 days past due 10 61-90 days past due 25 91-120 days past due 45 Over 120 days past due 90 instructions 1. Determine the number of days past due for each of the preceding accounts. 2. Complete the aging-of-receivables schedule. 3. Estimate the allowance for doubtful accounts, based on the aging-of-receivables schedule. 4. Assume that the allowance for doubtful accounts for Steelhead Company has a debit bal¬ance of $3,199 before adjustment on December 31, 2007. Journalize the adjusting entry for uncollectible accounts.

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