Obj. 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: A 1 2 3 Customer 4 AAA Outfitters 5 Brown Trout Fly Shop 30 Zigs Fish Adventures 31 Subtotals 5. B Balance 20,000 7,500 C Not Past Due 1-30 20,000 Customer Adams Sports & Flies Blue Dun Flies Cicada Fish Co. Deschutes Sports Green River Sports Smith River Co. Western Trout Company Wolfe Sports D Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due E 91-120 days past due Over 120 days past due Days Past Due 31-60 61-90 91-120 7,500 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. Due Date May 22 Oct. 10 Sept. 29 Oct. 20 F G Nov. 7 Nov. 28 Dec. 7 Jan. 20 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Percent Uncollectible 1% 2 10 30 40 80 Balance $5,000 4,900 8,400 7,000 3,500 H Over 120 2,400 6,800 4,400 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- sion affect the balance sheet and income statement?