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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, 2011: Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 91-120 Over 120 Subtotals 846,800 470,100 203,200 93,100 31,300 27,900 21,200 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Arcade Beauty May 28, 201 $2,800 Creative Images Sept. 7, 2011 6,000 Excel Hair Products Oct. 17, 2011 800 First Class Hair Care Oct. 24, 2011 2,000 Golden Images Nov. 23, 2011 700 Oh That Hair Nov. 29, 2011 3,400 One Stop Hair Designs Dec. 2, 2011 2,200 Visions Hair & Nail Jan. 5, 2012 7.300 Wig Creations has a past history of uncollectible accounts by age category, as follows: Percent Age Class Uncollectible Not past due 2 % 1-30 days past due 4 31-60 days past due 10 61-90 days past due 15 91-120 days past due 35 Over 120 days past due 80 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. Customer Due Date Number of Days Past Due Arcade Beauty May 28, 2011 days Creative Images Sept. 7, 2011 days Excel Hair Products Oct. 17, 2011 days First Class Hair Care Oct. 24, 2011 days Golden Images Nov. 23, 2011 days Oh That Hair Nov. 29, 2011 days One Stop Hair Designs Dec. 2, 2011 days Jan. 5, 2012 days Visions Hair & Nail Past 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 Not Days Days Days Days Days Past Past Past Past Past Due Due Due 1-30 Due 31-60 Due 61-90 Due 91-120 Over 120 Customer Balance Subtotals Arcade Beauty Creative Images Excel Hair Products First Class Hair Care Golden Images On That Hair One Stop Hair Designs Visions Hair & Nail mondoed Total Percent uncollectible Estimate of uncollectible accounts 29 406 101 15 35% 00 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 $1,620 before adjustment on December 31, 2071. Journalize the adjustment for uncollectible accounts. If an amount box does not require an entry, leave it blank 5. Assume 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 because the allowance for doubtful accounts would be In addition, the owner's capital account would be by because bad debt expense would be and net income on the income statement