Chapter 9 Excel Exercise Instructions: Gracle West Co. supplies office supplies to merchants and schools across Kansas. The accounts receivable clerk for Gracie West Co, prepared the partially completed aging of receivables schedule as of the end of business on December 31, 2017 indicated in step 2 on the worksheet 1. Determine the number of days past due for each of the accounts listed. 2. Complete the aging of receivables schedule by adding the accounts in step 1 to the appropriate aging column and update the totals for each column. 3. Estimate the allowance for doubtful accounts based on the aging of receivables schedule in step 2. Age Class Uncollectible Not past due 0.80% 1-30 days past due 3% 31-60 days past due 9% 61.90 days past due 25% 91-120 days past due 50% Over 120 days past due 85% 4. Assume the allowance for doubtful accounts for Gracle West Co. has a debit balance of 54,100 before adjustment on December 31, 2017. Journalize the adjusting ontry for uncollectible accounts. 5. Assuming the adjusting entry in 4 was inadvertently omitted, how would the omission affect the balance sheet and income statement? Instructions Answers are entered in the calls with gray backgrounds 1 Number of Days Past Due Customer Due Data Mid-Town Bakery Jan 22, 2017 Sage 150 Sept 18, 2017 Reno County Appraiser Aug 10, 2017 Hirst Dental Sept. 9. 2017 Jones Implement Oct 6, 2017 Western Concrete Design Nov. 14, 2017 Stock Woodwork Dec 2, 2017 The Western Supply Jan 12, 2048 2.1 Aging of Receivables Schedule December 31, 2017 Days Pasl Due Not Past Due Over 120 Customer 1.30 Balance 61. 01 - 120 31.60 5 5 15.500 Sports Shack Standard Beverage Co 15.500 6200 6200 8.000 100.000 $ 625.000 $ 2.000 $ 41.000 5 16 500 74 600 Oliver's supply 8.000 51,040,100 Mid-Town Bakery 4.000 Sage 1 8.000 Race Coury Appre 8.500 Hiru Da 5.500 Jones imple 2500 Western Canaria Don 1.800 Shock Woodwork 3.600 The Westem Supply Total 11.004.100 Perrucolech Cao 000 196 Oliver's Supply Subtotals Mid-Town Bakery Sage ISD Reno County Appraiser Hirst Dental Jones Implement Western Concrete Design Shrock Woodwork The Westem Supply Totals Percent uncollectible Estimate of uncollectible accounts 8,000 $ 1,049,100 4,000 6,800 8,600 5,500 2,500 1,800 3,600 2,200 $ 1,084,100 5. On the balance sheet, the omission would cause: assets to be by by owner's capital to be On the income statement, the omission would cause: expenses to be by net income to be by