Natural Hair Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Natural Hair prepared the following aging of receivables schedule as of the end of business on Deoernber 31, 200?. Natural Hair Company has a past history of uncollectible accounts by age category, as shown below. age Class Balance Percent Uncollectible Not past due $515,000 1% 1-30 days past due $140,500 2% 31-50 days past due 582,100 0% 51-90 days past due 535,000 15% 91-120 days past due 525,000 35% Ever 120 day past due 520.800 00% L015\" $530,000 Estimate the allowance for doubtful accounts, based on the aging-of-receiyables schedule and enter your answer in the highlighted cell below. lI Assume that the allowance for doubtful accounts for Natural Hair Company has a negative balance of -$3,500 (credit) before adjustment on December 31, 2007. Illustrate the effect on the accounts and financial statements of the adjustment for uncollectible accounts. Natural Hair company reported credit sales of $5,000,000 during 2007. Assume that instead of using the analysis of receivables method of estimating uncollectible accounts, Wigs Plus company uses the percent of sales method and estimates that 1.25% of sales will be uncollectible. Illustrate the effect on the accounts and financial statements of the adjustment for uncollectible accounts using the percent of sales method. Assume that on March 4, 2008, Natural Hair wrote off a $4,350 acount on Top Dog Images as uncollectible. Illustrate the effect on the accounts and financial statements of the write-off of the Top Dog Images Account