A summary of COVID Company's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each :age group % Age Group Amount days $40,000 0.5 0-60 days 15,000 1.5 61-90 days 2,000 15.0 91-120 Over 120 days 800 80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year .bad debts of $1,150 were written off Required: (Show your Working. You have the option to upload your answer/working for this question via (the provided link/ button A) Prepare all journal entries for 2021 with respect to bad debts and the allowance for uncollectible accounts, (A) To write off specific accounts, and (B) To .adjust allowance for uncollectible accounts B) What is cash realizable value of the company's ?receivables at 31 December 2021

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The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.