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	19,000.00	19,000.00
5	Brown Trout Fly Shop	7,800.00			7,800.00
6	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~
7
8	Zigs Fish Adventures	4,000.00		4,000.00
9	Subtotals	1,301,600.00	743,000.00	294,100.00	120,000.00	40,200.00	23,300.00	81,000.00

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

$4,800

Blue Dun Flies

Oct. 10

5,200

Cicada Fish Co.

Sept. 29

8,000

Deschutes Sports

Oct. 20

6,600

Green River Sports

Nov. 7

3,500

Smith River Co.

Nov. 28

2,000

Western Trout Company

Dec. 7

6,600

Wolfe Sports

Jan. 20

4,000

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

12

6190 days past due

30

91120 days past due

40

Over 120 days past due

78

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 $3,500 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts.
5.	Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?

CHART OF ACCOUNTSTrophy Fish CompanyGeneral 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	Common Stock
311	Retained Earnings
312	Dividends

	REVENUE
410	Sales
610	Interest Revenue

	EXPENSES
510	Cost of Goods Sold
520	Sales Salaries Expense
521	Advertising Expense
522	Depreciation Expense-Store Equipment
523	Delivery Expense
524	Repairs Expense
529	Selling Expenses
530	Office Salaries Expense
531	Rent Expense
532	Depreciation Expense-Office Equipment
533	Insurance Expense
534	Office 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