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The following accounts were unintentionally omitted from the aging schedule Trophy Fish has a past history of uncollectible accounts by age category, as follows: 5 Assuming that the adjusting entry in (4) was inadverfently omutted, now would the omission affect the balance sheet and income statement? On the balance sheet, assets would be by because the allowance for doubthi accounts would be by In addition, the owner's caplal account would be by because bad debt expense would be and net income by on the income statement. Required: 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero 2. Complete the aging of recevabies schedule by adding the omited accounts to the bottom of the schedule and updating the tofals. 1. Eatimafe the afowance for doublfu accounts, based on the aging of recewables schedive 4. Asaume inat the allowance for doubifur accounts for Trophy Fash Company has a debet balance of $4,400 before adustment on December 31 . 20 Vo Jounalize the actusting entry for uncoliectible accounts. Refer to the chart of occounts for the exact warding of the account hites. CNOW joumais do not use ines for joumal explanations Every ine on a joumal page is used for deot or credit enthes. CNOW joumals will automatcaliy indent a credif entry when a credit anount is entered 5. Assuming that the adjusting ontry in (4) was madventenfly omited how would the omission affect the balance sheet and income statement? CHART OF ACCOUNTS Trophy Fish Company General Ledger ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-Adams Sports \& Flies 122 Accounts Receivable-Blue Dun Flies 123 Accounts Receivable-Cicada Fish Co. 124 Accounts Receivable-Deschutes Sports 125 Accounts Receivable-Green River Sports 126 Accounts Receivable-Smith River Co0 127 Accounts Receivable-Western Trout Company REVENUE 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense K24 Donnire Evmonen. 193 Office Equipment 194 Accumulated Depreciation-Omice Equipment 539 Miscellaneous Expense 710 interest Expense L.IABLITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQuIrY 310 Owner, Capital 311 Owner, Drawing Aging of Recervaties schodute December 31, 20 Y5 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline t & & & & Dinfortar & Desspat Dos & Deys Prot Due & Desp Pat Due & Oaplast Due \\ \hline 2 & Customer & Bdance & Nox Part Ore & 150 & 3160 & 6190 & 91120 & Over 120 \\ \hline 1 & Mioufitens & 20,0000 & 20,70000 & & & & & \\ \hline 4 & & 7,10000 & & & 7,10000 & & & \\ \hline is. & - & & & & - & + & & = \\ \hline & Zgeriat denturet & 3,90000 & & 350000 & & & & \\ \hline r & sobouts: & 1.07,40000 & 75:20000 & 270000 & 11840000 & 4100000 & 18.10000 & rt: 7000 \\ \hline 1 & Adams Soorts \& flies & & & & & & & \\ \hline , & Elue Dunfiles & & & & & & & \\ \hline is & cicalafisice & & & & & & & \\ \hline \end{tabular} used for dobit or creot entres. CNOW joumals wil outomaticaly indent a credt endry when e crodt amourt is entered \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & & & & & & & & PAGE 10 \\ \hline & & & & & & & UNTING EQ & nOeN \\ \hline & pert & Ecscartion & Fost ats: & et & Cerent & ASPTS & ILanutes & rcumr \\ \hline 2 & & & & & & & & \\ \hline & & & & & & & fx & \\ \hline \end{tabular} Instructions foliowing partioty completed aging of tecoivables schedule as of the end of business on Decenner 31,20 6 6 \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline s. & & & Not & Oups Pat Due & Drspart Due & Denpast Der & Desprest De & Despast Die \\ \hline 2 & 13 & & Past & & & & & \\ \hline i) & Contomer: & Balance. & Dve & 1.10 & 31+0 & 6190 & 91120 & On 120 \\ \hline 4 & Mucatinters & 20,20000 & -20.7000 & & & & & \\ \hline i) & Brown linet Hy Sow: & 7,10000 & & & x+000 & & & \\ \hline & H. & & & & & & & \\ \hline 7] & & & & & & & & \\ \hline 1 & Ege Fith Morntures & & & 130000 & & & & \\ \hline 1 & Sibtiok: & 1,07,00001 & 73670000 & 29200000 & 118,40000 & 41.00000 & Itato0.00 & it 70000 \\ \hline \end{tabular} 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 1. Defermine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. 128 Accounts Receivable-Wolfe Sports 129 Allowance for Doubtlul Accounts. 131 interest Recenable 132 Notes Receivable 141 Merchandise inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulaled Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Orfice Equipment 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Ofice 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 LIABILITIES 210 Accounts Payable