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 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 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 Flies May 22, 20Y6 days Blue Dun Flies Oct 10, 20Y6 days Cicada Fish Co Sept 29, 20Y6 days Deschutes Sports Oct 20, 20Y6 days Green River Sports Nov 7, 20Y6 days Smith River Co Nov 28, 20Y6 days Western Trout Company Dec 7, 20Y6 days Wolfe Sports Jan 20, 20Y7 days 3 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule 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 In addition, the owners capital account would be by because bad debt expense would be and net income by on the income statement

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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

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:

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:

Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero.

Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.

Estimate the allowance for doubtful accounts, based on the aging of receivables schedule.

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.

Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?

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 & Flies	May 22, 20Y6	days
Blue Dun Flies	Oct. 10, 20Y6	days
Cicada Fish Co.	Sept. 29, 20Y6	days
Deschutes Sports	Oct. 20, 20Y6	days
Green River Sports	Nov. 7, 20Y6	days
Smith River Co.	Nov. 28, 20Y6	days
Western Trout Company	Dec. 7, 20Y6	days
Wolfe Sports	Jan. 20, 20Y7	days

3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule.

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 . In addition, the owners capital account would be by because bad debt expense would be and net income by on the income statement.