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 Fish 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 19,500 AAA Outfitters Brown Trout Fly Shop 19,600 7,300 7,300 Nov. 7 Zigs Fish 3,900 3,900 Adventures Subtotals 1,311,900 750,700 297,000 130,000 36,700 16,900 80,600 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Adams Sports and May 22 $5,500 Flies Blue Dun Flies Oct. 10 5,200 Cicada Fish Co. Sept. 29 8,200 Deschutes Sports Oct. 20 7,400 Green River 3,500 Sports Smith River Co. Nov. 28 2,800 Western Trout Dec. 7 7,200 Company Wolfe Sports Jan. 20 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Age Class Uncollectible Not past due 1% 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 Required: 4,900 82 Over 120 days past due 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. Customer Due Date Number of Days Past Due Adams Sports and Flies May 22 days Blue Dun Flies Oct. 10 days Cicada Fish Co. Sept. 29 days Deschutes Sports Oct. 20 Green River Sports Nov. 7 days Smith River Co. Nov. 28 days Western Trout Company Dec. 7 days Wolfe Sports Jan. 20 days days 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank Trophy Fish Company Aging of Receivables Schedule December 31, 2017 Customer Balance Not Past Due Days Past Due 1-30 Days Past Due 31-60 Days Past Due 61.90 Days Past Due 91-120 Days Past Due Over 120 AAA Outfitters 19,600 19,600 Brown Trout Fly Shop 7,300 7,300 130,000 Zigs Fish Adventures 3900 Subtotals 1,311,900 750,700 Adams Sports and Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports Totals Percent uncollectible (%) Estimate of uncollectible accounts $ 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 has a credit balance of $4,100 before adjustment on December 31, 2047. Journalize the adjustment for uncollectible accounts. Dec. 31 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? On the balance sheet, assets would be by $ because the allowance for doubtful accounts would be by $ expense would be and net income by $ on the income statement. In addition, the stockholders' equity (retained earnings) would be by $ because bad debt
