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 $31,20$Y$6$:

$1$

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

$19,000\mathrm{.}00$

$19,000\mathrm{.}00$

$5$

Brown Trout Fly Shop

$7,800\mathrm{.}00$

$7,800\mathrm{.}00$

$6$

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~~~~~

~~~~~

~~~~~

~~~~~

~~~~~

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$7$

$8$

Zigs Fish Adventures

$4,000\mathrm{.}00$

$4,000\mathrm{.}00$

$9$

Subtotals

$1,301,600\mathrm{.}00$

$743,000\mathrm{.}00$

$294,100\mathrm{.}00$

$120,000\mathrm{.}00$

$40,200\mathrm{.}00$

$23,300\mathrm{.}00$

$81,000\mathrm{.}00$

The following accounts were unintentionally omitted from the aging schedule:

Customer

Due Date

Balance

Adams Sports & Flies May $22,20$Y$6$ $$4,800$

Blue Dun Flies Oct. $10,20$Y$65,200$

Cicada Fish Co$.$ Sept. $29,20$Y$68,000$

Deschutes Sports Oct. $20,20$Y$66,600$

Green River Sports Nov. $7,20$Y$63,500$

Smith River Co$.$ Nov. $28,20$Y$62,000$

Western Trout Company Dec. $7,20$Y$66,600$

Wolfe Sports Jan. $20,20$Y$74,000$

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 $78$

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 $$3,500$ before adjustment on December $31,20$Y$6.$ Journalize the adjusting entry for uncollectible accounts. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

$5.$ Assuming that the adjusting entry in $(4)$ was inadvertently omitted, how would the omission affect the balance sheet and income statement?