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	20,900.00	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. 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	$4,600
Blue Dun Flies	Oct. 10	4,900
Cicada Fish Co.	Sept. 29	8,100
Deschutes Sports	Oct. 20	7,000
Green River Sports	Nov. 7	3,300
Smith River Co.	Nov. 28	2,400
Western Trout Company	Dec. 7	7,300
Wolfe Sports	Jan. 20	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

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. Journalize the adjusting entry for uncollectible accounts. Refer to the Chart of Accounts for exact wording of account titles.
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	Common Stock
311	Retained Earnings
312	Dividends

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, 20Y4

1				Days Past Due	Days Past Due	Days Past Due	Days Past Due	Days Past Due
2	Customer	Balance	Not Past Due	1-30	31-60	61-90	91-120	Over 120
3	AAA Outfitters	20,900.00	20,900.00
4	Brown Trout Fly Shop	7,000.00			7,000.00
5	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~	~~~~~
6	Zigs Fish Adventures	4,000.00		4,000.00
7	Subtotals	1,284,400.00	752,900.00	281,800.00	110,100.00	41,200.00	19,800.00	78,600.00
8	Adams Sports & Flies
9	Blue Dun Flies
10	Cicada Fish Co.
11	Deschutes Sports
12	Green River Sports
13	Smith River Co.
14	Western Trout Company
15	Wolfe Sports
16	Totals
17	Percentage uncollectible
18	Estimate of uncollectible accounts

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

$

Starting Question 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, 2014 days Blue Dun Flies Oct 10, 2014 days Cicada Fish Co. Sept. 29, 2014 days Doschutos Sports Oct 20, 2044 Green River Sports Nov. 7. 2014 days Smith River Co. Nov. 28, 2044 days Western Trout Company days Dec. 7. 2014 Jan 20, 2045 Wolfe Sports days Journal 4. Assume that the allowance for doubtful accounts for Trophy Fish Company has a debit balance of $4,800 before adjustment on December 31. Joumalize 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 A SSETS LIABILITIES EQUITY Final Question 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? by because the allowance for doubtful accounts would be by . In addition, the owner's capital account would be by because bad debt expense would be and net income On the balance sheet, assets would be by on the income statement