Only questions 1-4 **PR 8-2A Aging of Receivables; Estimating Allowance for Doubtful Accounts***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:| Customer | Balance | Not Past Due | Days Past Due | 1–30 | 31–60 | 61–90 | 91–120 | Over 120 ||------------------------|---------|--------------|----------------|------|-------|-------|--------|----------|| AAA Outfitters | 20,000 | | | | | | | || Brown Trout Fly Shop | 7,500 | | | 7,500| | | | || Zigs Fish Adventures | 4,000 | | 4,000 | | | | | || Subtotals | 1,300,000| 750,000 | 290,000 | 120,000 | 40,000| 20,000| 80,000| |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 | $5,000 || Blue Dun Flies | Oct. 29 | $8,400 || Cicada Fish Co. | Sept. 29 | $9,900 || Deschutes Sports | Sept. 8 | $12,000 || Green River Sports | Nov. 7 | $3,500 || Knots Landing | Dec. 8 | $4,000 || Powell Outfitters | Dec. 30 | $3,000 || Western Trout Company | Oct. 5 | $4,400 || Wolfe Sports | Jan. 20 | $4,800 |Trophy Fish has a past history of uncollect

Ageing of Account Receivables - It is the process of identification of open accounts of receivable…

December 31. PR 8-2A Aging of receivables; estimating allowance for doubtful accounts Trophy Fish Company supplies flies and fishing gear to sporting goods stores and outhtters 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: Obj. 4 C Not D E 1 2 Days Past Due Past Over 3 4 AAA Outfitters 5 Brown Trout Fly Shop Customer Balance 20,000 7,500 Due 1-30 31-60 61-90 91-120 120 20,000 7,500 30 Zigs Fish Adventures 31 Subtotals 4,000 4,000 1,300,000 750,000 290,000 120,000 40,000 20,000 80,000 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 Blue Dun Flies Cicada Fish Co. Deschutes Speris May 22 $5,000 Oct. 10 4,900 Sept. 29 Oct. 20 Nov. 7 Nov. 28 8,400 7,000 Idos Green River Stports Smith River Co. Western Trout Company 3,500 2,400 6,800 Dec. 7. Wolfe Sports Jan. 20 AN4,400 Trophy Fish has a past history of uncollectible accounts by age category, as follows:ALIEN Percent Uncollectible Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-120 days past due Over 120 days past due 19% 10 30 40 80 Instructions 1. Determine the number of days past due for each of the preceding accounts. 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 $3.600 before adjustment on December 31. Journalize the adjusting entry for uncollectible accounts. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omis- 5. sion affect the balance sheet and income statement?