Aging of Receivables; Estimating Allowance for Doubtful Accounts end of business on December 31,20Y1 : Pave Dact Risa The following accounts were unintentionally omitted from the aging schedule: Wig Creations has a past history of uncollectible accounts by age category, as follows: Wia Creations Combanv 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 , 20 Y1. Journalize the adjustment for uncollectible accounts. 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 by because bad debt expense would be because the allowance for doubtful accounts would be and net income by by . In addition, the owner's capital account would be on the income statement
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