Please answer (iii) and (iv) only. I wonder whether I should use the ending balance of the allowance for impairment of AR to compute the net AR or just the allowance for the impairment of AR recognized for adjusting entry.

Covex Ltd (Covex) has net sales of $2.69 million for the financial year ended 31 December 2021. It gives a credit period of 30 days to its customers. Management review for impairment of accounts receivables noted that the Accounts Receivables balance as at 31 December 2021 was $413,000 comprising of the following outstanding sales invoices: The Accounts Receivables (AR) and Allowance for Impairment of AR of the company were $125,000 and $4,800 respectively on 1 January 2021 . The company complies with all Singapore Financial Reporting Standards. Based on its past experience with collections, the company estimated the percentages of uncollectible accounts receivable to be as follows: Required (i) Prepare an ageing schedule for the list of outstanding sales invoices using the following format: (ii) Compute the amount of uncollectible accounts based on the above classification by age groups. (iii) On 24 December 2021, an old customer whose account had already been written off in the books of Covex paid the company the outstanding sum of $9,000. Journalise this transaction. (iv) Prepare the adjusting entry needed to bring the Allowance for the Impairment of AR Account to the proper amount as at the year ended 31 December 2021. Compute and evaluate the average collection period (rounded up in days) of Covex