On December 31, 2019 accounts receivable and allowance for doubtful accounts have P675,000 and P30,000 respectively. The following are some transactions that occurred during 2020. Sales on account, terms 2/10, 1/15. n/60 Collections 3,000,000 3,200,000 Collections include the following: W/in the 10 day discount period W/in the 15-day discount period Beyond the discount period Recovery of accounts written of Accounts receivable written off as worthless 1,764.000 990,000 ? 6,000 22,000 Estimated sales returns at year end 12,000 The company's policy is to provide for uncollectible accounts equal to 1% of gross sales. Compute the doubtful accounts expense to be adjusted on December 31, 2020?

On December 31, 2019 accounts receivable and allowance for doubtful accounts have P675,000 and P30,000 respectively. The following are some transactions that occurred during 2020. Sales on account, terms 2/10, 1/15. n/60 Collections 3,000,000 3,200,000 Collections include the following: W/in the 10 day discount period W/in the 15-day discount period Beyond the discount period Recovery of accounts written of Accounts receivable written off as worthless 1,764.000 990,000 ? 6,000 22,000 Estimated sales returns at year end 12,000 The company's policy is to provide for uncollectible accounts equal to 1% of gross sales. Compute the doubtful accounts expense to be adjusted on December 31, 2020?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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