The following are the balances of selected accounts taken from the December 31, 20X4 statement of financial position of Visayas Company: The following transactions (in summary) affecting the Accounts Receivable account occurred during the year ended December 31. 20X5 Requived: a. Current balance of Accounts Receivable as of December 31,205. b. Adjusting journal entry for estimated bad debts on December 31, 20X5. The corporation adjusts its allowance account to a percentage of outstanding receivable. The credit experience of the corporation indicates that the percentage rate to be used on December 31,205 will be 2/3 of the used on December 31,204. Problem 1: Account Receivable Aging Schedule Preparation and Analysis Problems of Related Accounts information's are available from the records of Stardust Data from the allowance account of the company as it appeared on December 31, 20X7 are presented below: Required: 1. Prepare an aging working paper as of December 31,20X7 making use of the following categories: not due; past due, less than 2 months; past due, more than 2 months. Accounts are considered past due 60 days after date of sale. The company establishes an allowance account for uncollectible receivables equal to: 10% of accounts less than 2 months past due 30% of accounts more than 2 months past due The rates are based on historical bad debts adjusted for current observable data on collectibility of Accounts Receivable. 2. Determine the adjusted balance of Accounts receivable and Allowance for Doubtful Accounts as of December 31, 207. 3. Prepare the adjusting journal entries. The following are the balances of selected accounts taken from the December 31, 20X4 statement of financial position of Visayas Company: The following transactions (in summary) affecting the Accounts Receivable account occurred during the year ended December 31. 20X5 Requived: a. Current balance of Accounts Receivable as of December 31,205. b. Adjusting journal entry for estimated bad debts on December 31, 20X5. The corporation adjusts its allowance account to a percentage of outstanding receivable. The credit experience of the corporation indicates that the percentage rate to be used on December 31,205 will be 2/3 of the used on December 31,204. Problem 1: Account Receivable Aging Schedule Preparation and Analysis Problems of Related Accounts information's are available from the records of Stardust Data from the allowance account of the company as it appeared on December 31, 20X7 are presented below: Required: 1. Prepare an aging working paper as of December 31,20X7 making use of the following categories: not due; past due, less than 2 months; past due, more than 2 months. Accounts are considered past due 60 days after date of sale. The company establishes an allowance account for uncollectible receivables equal to: 10% of accounts less than 2 months past due 30% of accounts more than 2 months past due The rates are based on historical bad debts adjusted for current observable data on collectibility of Accounts Receivable. 2. Determine the adjusted balance of Accounts receivable and Allowance for Doubtful Accounts as of December 31, 207. 3. Prepare the adjusting journal entries