Trophy Fish Company supplies flies and fishing gear 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, 20Y6:

1 Not Days Past Due Days Past Due Days Past Due Days Past Due Days Past Due

2 Past

3 Customer Balance Due 1-30 31-60 61-90 91-120 Over 120

4 AAA Outfitters 20,200.00 20,200.00

5 Brown Trout Fly Shop 8,000.00 8,000.00

6 ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~

7

8 Zigs Fish Adventures - 4,100.00 4,100.00

9 Subtotals 1,304,500.00 748,300.00 297,300.00 117,000.00 38,700.00 23,800.00 79,400.00

The following accounts were unintentionally omitted from the aging schedule:

Customer Due Date Balance

Adams Sports & Flies May 22, 20Y6 $4,900

Blue Dun Flies Oct. 10, 20Y6 5,200

Cicada Fish Co. Sept. 29, 20Y6 8,900

Deschutes Sports Oct. 20, 20Y6 6,600

Green River Sports Nov. 7, 20Y6 3,800

Smith River Co. Nov. 28, 20Y6 2,000

Western Trout Company Dec. 7, 20Y6 6,400

Wolfe Sports Jan. 20, 20Y7 4,400

Trophy Fish has a past history of uncollectible accounts by age category, as follows:

Age Class Percent Uncollectible

Not past due 1%

130 days past due 3

3160 days past due 10

6190 days past due 29

91120 days past due 41

Over 120 days past due 79

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 receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. 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 Company has a debit balance of $4,700 before adjustment on December 31, 20Y6. Journalize the adjusting entry for uncollectible accounts. Refer to the chart of accounts for a listing of the account titles the company uses. 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?