Aging of Recewables; Estimating Allowance 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 partialy completed aging of receivables schedule as of the end of business on December 31, 20r1: The following accounts were unintentionally omitted from the aging schedule: 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. 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank. Wig Creations Company Aging of Receivables schedule December 31, 20Y1 Subtotals Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images On The Hair One Stop Hair Designs Visions Hair and Nail Total Percent uncoliectible Estimate of uncollectible accounts 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 $1,660 before adjustment on December 31 , 20Y1. Journalize the adjustment for uncollectible accounts. 5. Assume that the adjusting entry in (4) was inadvertentiy omitted, how would the omission affect the balance sheet and income statement? On the balance stieet, assets would be the owner's capital account would be by because bad debt expense would be the income statement