receivables; estimating allowance for 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, 20Y1: 1 F Days Past Due G H A B C D E Not 2 Past 3 Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 4 ABC Beauty 5 Angel Wigs 15,000 15,000 8,000 8,000 3,000 30 Zodiac Beauty 31 Subtotals 32 875,000 415,000 210,000 112,000 55,000 18,000 65,000 The following accounts were unintentionally omitted from the aging schedule: Customer Arcade Beauty 3,000 Due Date Aug. 17, 2011 Balance $10,000 sidor Creative Images Oct. 30, 20Y1 8,500 Excel Hair Products July 3, 2011 7,500 First Class Hair Care Sept. 8, 2011 6,600 Golden Images Nov. 23, 2011 3,600 Oh That Hair Nov. 29, 2011 1,400 One Stop Hair Designs Visions Hair & Nail Dec. 7, 2011 4,000 Jan. 11, 2012 9,000 Wig Creations has a past history of uncollectible accounts by age category, as follows: Age Class Percent Instructions Uncollectible Not past due 1% 1-30 days past due 4 31-60 days past due 16 61-90 days past due 25 91-120 days past due 40 Over 120 days past due 80 1. Determine the number of days past due for each of the preceding accounts. 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. 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 $7.375 before adjustment on December 31, 20Y1. Journalize the adjustment for uncollectible accounts. 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?