Adam Fionte, an entry-level staff member in a public accounting firm, prepared the following working paper, the lead sheet, for J&K Sales Co., Inc., for December 31, 1998 trade accounts receivable:

Required: Discuss the deficiencies in this working paper.

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Accounts Receivable Adjusted Balance Adjs./ Adjusted Balance Per Bks 12/31/97 12/31/98 Reclass Dr Balance 12/31/98 Accounts Rec.: Trade Regular Customers $450,000 $657,985 $ 657,985c Special Discount Customers 105,000 135,760 (9,500) Allowance for Doubtful Accounts (35,000) (65,000) 126,260c (65,000)c $520,000 $728,745 $(9,500) $ (719,245)c f c Crosscast/AF f Footed/AF