Aging of receivables; estimating allowance for doubtful accounts receivables schedule as of the end of business on December 31, 20Y7: Wig Creations has a past history of uncollectible accounts by age category, as follows: Wig Creations has a past history of uncollectible accounts by age category, as follows: \begin{tabular}{lc} Age Class & Percent Uncollectible \\ \hline Not past due & 1% \\ 1-30 days past due & 3 \\ 31-60 days past due & 8 \\ 61-90 days past due & 32 \\ 91120 days past due & 41 \\ Over 120 days past due & 84 \end{tabular} 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. $ does not require an entry, leave it blank. Dec. 31 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement? On the balance sheet, assets would be by because the allowance for doubtful accounts would be by $ . In addition, the stockholders' equity (retained earnings) would be by $ because bad debt expense would be and net income by $ on the income statement