Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting An International Perspective

Authors: Arne Kinserdal

2nd Edition

0273631543, 978-0273631545

More Books

Students also viewed these Accounting questions