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	20,900.00	20,900.00
5	Brown Trout Fly Shop	7,000.00			7,000.00
6	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~
7
8	Zigs Fish Adventures	4,000.00		4,000.00
9	Subtotals	1,284,400.00	752,900.00	281,800.00	110,100.00	41,200.00	19,800.00	78,600.00

The following accounts were unintentionally omitted from the aging schedule:

Customer	Due Date	Balance
Adams Sports & Flies	May 22, 20Y6	$4,600
Blue Dun Flies	Oct. 10, 20Y6	4,900
Cicada Fish Co.	Sept. 29, 20Y6	8,100
Deschutes Sports	Oct. 20, 20Y6	7,000
Green River Sports	Nov. 7, 20Y6	3,300
Smith River Co.	Nov. 28, 20Y6	2,400
Western Trout Company	Dec. 7, 20Y6	7,300
Wolfe Sports	Jan. 20, 20Y7	4,600

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	9
6190 days past due	29
91120 days past due	38
Over 120 days past due	75

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 $4,800 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?

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 Co.
127	Accounts Receivable-Western Trout Company
128	Accounts Receivable-Wolfe Sports
129	Allowance for Doubtful Accounts
131	Interest Receivable
132	Notes Receivable
141	Merchandise Inventory
145	Office Supplies
146	Store Supplies
151	Prepaid Insurance
181	Land
191	Store Equipment
192	Accumulated Depreciation-Store Equipment
193	Office Equipment
194	Accumulated Depreciation-Office Equipment

	LIABILITIES
210	Accounts Payable
211	Salaries Payable
213	Sales Tax Payable
214	Interest Payable
215	Notes Payable

	EQUITY
310	Owner, Capital
311	Owner, Drawing
312	Income Summary