Check My Work Count the number of days after the due date up to December 31. Do not include the due date in your count. Remember that not all months have an equal number of days. Wig Creations has a past history of uncollectible accounts by age category, as follows: Required: 1. Determine the number of days past due for each of the preceding accounts. If an account is not past due, enter a zero. 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. Feedback Check My Work Add the accounts into the aging schedule based on their number of days past due. Apply the respective uncollectible percentage to the total receivables in each days past due group and the not past due group. 4. Assume that the allowance for doubtful accounts for Wig Creations has a credit balance of $5,000 before adjustment on December 31 , 20Y7. Journalize the adjustment for uncollectibl accounts. If an amount box does not require an entry, leave it blank. 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 the stockholders' equity (retained earnings) would b by $ by $ on the income statement. because the allowance for doubtful accounts would be by $ by $ because bad debt expense would be . In addition, and net income Aging of receivables; 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 partially completed aging of receivables schedule as of the end of business on December 31,20Y