business on December 31, 20Y7: \begin{tabular}{llr} Customer & \multicolumn{1}{c}{ Due Date } & Balance \\ \hline Arcade Beauty & August 17 & $5,200 \\ Creative Images & October 30 & 5,400 \\ Excel Hair Products & July 3 & 8,900 \\ First Class Hair Care & September 8 & 7,300 \\ Golden Images & November 23 & 3,200 \\ Oh That Hair & November 29 & 2,100 \\ One Stop Hair Designs & December 7 & 6,900 \\ Visions Hair \& Nail & January 11 & 3,900 \end{tabular} 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. Wig Creations has a past history of uncollectible accounts by age category, as follows 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. $ 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 $ by $ because bad debt expense would be because the allowance for doubtful accounts would be and net income by $ by $ . In addition, the stockholders' equity (retained earnings) would be on the income statement. Wig Creations Company Aging of Receivables Schedule December 31, 20Y7 Customer ABC Beauty Angel Wigs Zodiac Beauty Subtotals Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images Oh That Hair One Stop Hair Designs Visions Hair \& Nail Totals Percent uncollectible (\%) Estimate of uncollectible accounts Not Past Days Past Days Past Days Past Days Past Days Past Balance Due Due 1-30 Due 31-60 Due 61-90 Due 91-120 Due Over 120 20,20020,200 7,500 7,500 1,295,4003,500741,400 293,1003,500 126,800 39,900 % % %