Aging of Receivables, Estimating Allowance for Doubtful Accounts Trophy Fish Company supplies flies and fishing gear products to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Trophy Fist prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2017: Not Days Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 AAA Outfitters 20,000 20,000 Brown Trout Fly Shop 7.700 7,700 38,000 16,200 82,500 Zig Fish Adventures 3,600 3.500 Subtotals 1.297,600 750,600 293.400 116,600 The following accounts were unintentionally omitted from the aging schedule Customer Due Date Balance Adams Sports and Files May 22 $4,700 Blue Dun Flies Oct. 10 5,000 Cicada Fish Co. Sept. 29 3.000 Deschtes Sports Oct. 20 6,600 Green River Sports Nov. 3.900 Smith River Co. Nov. 28 2.800 Western Trout Company Dec 7 6,500 Wolfe Sports on 20 4,100 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Age Class Uncollectible Not past du 1-30 days past due 2 31-60 days past de 11 61.90 days past de 30 91-120 days past doo 42 Over 120 days is due 77 May 22 1. Determine the number of days past due for each of the preceding accounts. Ir an account is not past dur, enter a zero Customer Due Date Number of Days Past Due Adams Sports and Flies days Blue Dun Fles Oct 10 days Cicada Fish Co. Sept. 29 days Deschtes Sports Oct, 20 days Green River Sports No. 7 days Smith River Co Nov. 28 days Western Trout Company Dec days Wolfe Sports Jan. 20 days 2. Complete the aging of receivable schedule by adding the omitted accounts to the bottom of the schedule and updating the total of an amount to does not require an entry leave it Trophy Company Aging of Receivables Schedule December 31, 2017 Trophy Fish Company Aging of Receivables Schedule December 31, 2017 Days Past Du 1-30 Days Post Du 31-60 Not Past Due Customer Balance Days Post Our 61-90 Days Past De 91-120 Days Past Due Over 120 20.000 AAA Outfitters Brown Trout ry Shop 20,000 7.700 7,700 Zigs Fath Adventures 3600 3600 Subtotals 750,500 293.400 116,600 3100 16,200 82.500 1.297,600 Adams Sports and Flies Blue Oun es kada ih ce Deschtes Sports Creen River Sports Smith River Co Western Trout Company Wolfe Sports Total Percent uncollectible (4) Estimate of uncollectible accounts 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule 4. Asume that the allowance for doubtful accounts for Trophy wash has a crede balance of $4,000 betere adjustment on December 31, 2017, umalize the adjustment for uncotectie Accounts Dec. 31 In addition the 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the mission affect the balance sheet and income statement? On the balance sheet us would be by because the allowance or doubtful counts would be stockholders equity (retained namings) would be by because bad en would be on the income statement DY and met income DV