What is the amount of Allowance for uncollectible accounts as of December 31,2019? Presented below is information related to the Accounts receivable accounts of DEF Company.during the current year 2020:a. An aging schedule of the accounts receivable as of December 31,2020 is as follows:Net debit balanceP 175,000% of uncollectibilityAgeUnder 60 days1%61-90 days91-120 daysOver 120 days80,00042,00024,0003%6%P 4,200 definitely uncollectibleremainder estimated 25%uncollectibleb. The Accounts Receivable control account has a debit balance of P 321,000 on December31,2020.c. Two entries were made in uncollectible accounts expense during the year: (1) a debit onDecember 31,2020 for the amount credited to Allowance for Uncollectible Accounts, and (2)a credit for P 2,740 on November 3,2020, and a debit to Allowance for UncollectibleAccounts because of a bankruptcy. The P 2,740 write -off of receivables is related to the 91-120-day category.d. The allowance for uncollectible accounts is as follows for 2020DateCreditParticularsBeginning balanceWrite-offDebitBalanceJan. 1P 8,750P 2,740Nov. 36,010Dec. 3122,060Provision (5% of P321,000)16,050e. A credit balance exists in the Accounts Receivable (61-90 days) of P 4,800 which representsan advance on sales contract.For year 2019, the company decided to use aging of receivables in measuring its uncollectibleaccounts.f.

What is meant by Allowance for Doubtful Debts? It is the prediction or we can say the estimate done…

Presented below is information related to the Accounts receivable accounts of DEF Company. during the current year 2020: a. An aging schedule of the accounts receivable as of December 31,2020 is as follows: Net debit balance P 175,000 % of uncollectibility 1% Age Under 60 days 61-90 days 91-120 days Over 120 days 80,000 42,000 24,000 3% 6% P 4,200 definitely uncollectible remainder estimated 25% uncollectible b. The Accounts Receivable control account has a debit balance of P 321,000 on December 31,2020.

Presented below is information related to the Accounts receivable accounts of DEF Company. during the current year 2020: a. An aging schedule of the accounts receivable as of December 31,2020 is as follows: Net debit balance P 175,000 % of uncollectibility 1% Age Under 60 days 61-90 days 91-120 days Over 120 days 80,000 42,000 24,000 3% 6% P 4,200 definitely uncollectible remainder estimated 25% uncollectible b. The Accounts Receivable control account has a debit balance of P 321,000 on December 31,2020.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

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