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, 20Y4: 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 Commons 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. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year. Customer Due Date Balance Adams Sports & Flies May 22 $4,900 Blue Dun Flies Oct. 10 5,200 Cicada Fish Co. 8,900 Sept. 29 Oct. 20 Deschutes Sports 6,600 Nov. 7 3,800 Nov. 28 2,000 Green River Sports Smith River Co. Western Trout Company Wolfe Sports Dec. 7 6,400 Jan. 20 4,400 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Uncollectible Age Class Not past due 1% 1-30 days past due 3 31-60 days past due 10 61-90 days past due 29 91-120 days past due 41 Over 120 days past due 79 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. 1. Determine the number of days past due for each of the accounts below. If an account is not past due, enter a zero. Customer Due Date Number of Days Past Due Adams Sports & Flies May 22, 2074 0 days Blue Dun Flies Oct. 10, 2074 0 days Cicada Fish Co. Sept. 29, 2014 0 days Deschutes Sports Oct. 20, 2074 0 days Green River Sports Nov. 7, 2014 0 days Smith River Co. Nov. 28, 20Y4 0 days Western Trout Company Dec 7, 2014 0 days Wolfe Sports Jan. 20, 2045 o 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 Aging of Receivables Schedule December 31, 2014 Days Past Due Days Past Due 1-30 31-60 1 Days Past Due 61-90 Days Past Due 91-120 Days Past Due Over 120 2 Customer Balance Not Past Due 20,200.00 3 AAA Outfitters 20,200.00 8,000.00 Brown Trout Fly Shop 8,000.00 5 4,100.00 1,504,500.00 4,100.00 297,300.00 748,300.00 117,000.00 38,700.00 23,800.00 79,400.00 Zigs Fish Adventures 7 Subtotals 9 Adams Sports & Flies 9 Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. 10 2 14 Western Trout Company 15 Wolfe Sports 16 Totals Percentage uncollectible Estimate of uncollectible 16 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 Company has a debit balance of 54,700 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account titles. PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Dec 31 2