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Aging of Recelvables; Estimating Aliowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest.

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Aging of Recelvables; Estimating Aliowance for Doubtful 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: 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals, If an ame box does not require an entry, leave it blank. 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Wig Creations has a credit balance of $1,560 before adjustment on December 31 , 20Y1. Journalize the adjustment for uncollectible accounts. If an amount box does not require an entry, leave it blank. 5. Assume that the adjusting entry in (4) was inodvertently omitted, how would the omission affect the balance sheet and income statement? On the botance sheet, assets would be by 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 by on the income statement. Autumn Designs \& Decorators issued a 120-day, 6% note for $90,000, dated April 13 to Zebra Furniture Company on account. Assume a 360 year when calculating interest. a. Determine the due date of the note. b. Determine the maturity value of the note. c1. Journalize the entry to record the receipt of the note by zebra furniture, if an amount box does not require an entry, leave it blank. c2. Journalize the entry to record the receipt of payment of the note at maturity. If an amount box does not require an entry, leave it blank

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