Aging of Receivables; Estimating Allowance for Doubtrul Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31 , 20Y1: The following accounts were unintentionally omitted from the aging schedule: Wig Creations has a past history of uncollectible accounts by age cotegory, as follows: Wig Creations has a past history of uncollectible accounts by age category, as follows: 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. 4 more Check My Workses remaining. 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and v dating the totals. If an amount box does not require an entry, leave it blank. Wig Creations Company Aging of Receivables Schedule 3. Estimate the allowance for doubtful accounts, based on the aging of recelvables schedule. 4. Assume that the allowance for doubtful accounts ter Wig Creations has a credit balance of $1,540 before adjustment on December 31 , 20Y1. Journalize the adjustment for uncollectible accounts. 5. Assume that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the baiance sheet and income statement? On the balance sheet, assets would be because the allowance for doubtful accounts would be by . In addition, the owner's capital account would be by because bad debt expense would be and net income on the income statement