Questions:

1. Using the aging of receivables method, calculate the allowance for doubtful accounts and record the necessary year-end adjustment with a description.
2. Draft the "current asset" portion of the balance sheet to present the accounts receivable balance after the adjustment has been recorded. Other assets include: Cash of $71,530, inventory of $96,140, a note receivable (due within one year) of $24,600, prepaid expenses of $3,600 and capital assets of $553,730. Be sure to use the classified method.
3. After the above adjustment for the AFDA, it is determined that Chaudry Prodcution Inc. is bankrupt and Wei Wholesale will not pay the balance in the over 90 days outstanding amount. Prepare the journal entry with description to write off these accounts on June 1/23.

- Company name is Ripley Industries Inc. and their year-end is May 31, 2023 - A portion of their A/R aging summary is presented showing a few customer details and total balances