PLEASE INCLUDE ALL CALCULATIONS AND SHOW STEPS An aging analysis of Ayala Ltd's...
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PLEASE INCLUDE ALL CALCULATIONS AND SHOW STEPS
An aging analysis of Ayala Ltd's accounts receivable at December 31, 2023 and 2022, showed the following: Additional information: - At December 31, 2022, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $4,500. - In 2023,$25,000 of accounts were written off as uncollectible and $3,000 of accounts previously written off were recovered. Instructions A. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2022 and 2023. Note that the estimated percentages uncollectible are the same for both years. Comment on the results. (10 marks) B. Record the adjusting entry relating to bad debts on December 31,2022 . (3 marks) C. Record the write off of uncollectible accounts in 2023. (2 marks) D. Record the collection of accounts previously written off in 2023. (4 marks) E. Prepare the adjusting entry relating to bad debts on December 31, 2023. (3 marks) F. Calculate the carrying amount of Ayala Ltd's accounts receivable at December 31, 2022 and 2023. (6 marks)
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