Agirig of Recotwibles, Estimating Allowance for Donbtfid Accounts Wig Creabons Company supplies wigs and bair care products to beauty salons throughout Texas and the Southwest. The accounts receivobie clerk for Wig Creations ;repared the followng pertully completed agung of receivattes schedule as of the end of business on December 31, 20Yr: 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 3. Estimate the allowance for doubeful acoounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Wig Creations has a credic balance of $7,375 before adjustment on December 31, 20v1. Joumalize the odjustment for uncallectible accounts 5. Assume that the adjasting entry in (4) was inadvertently omitted, how would the ochission affect the bafacice sheet and income statement? On the balance sheet, asvets would be becouse the allowance for doubtful accounts would be . In addition, the owner's capital account would be and net income on the income staterment