Yukgaejang Company recorded uncollectible accounts expense of P20,000 during 2021. The allowance for uncollectible accounts had a balance of P17,500 on December 31, 2019. During the year 2020, Yukgaejang wrote off P30,500 of uncollectible receivables and recovered P8,050 of uncollectible accounts written off in previous years. How much will be the allowance for uncollectible accounts on December 31, 2021? * O P19,050 O P7,000 O P15,050 D P45,550
Yukgaejang Company recorded uncollectible accounts expense of P20,000 during 2021. The allowance for uncollectible accounts had a balance of P17,500 on December 31, 2019. During the year 2020, Yukgaejang wrote off P30,500 of uncollectible receivables and recovered P8,050 of uncollectible accounts written off in previous years. How much will be the allowance for uncollectible accounts on December 31, 2021? * O P19,050 O P7,000 O P15,050 D P45,550
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 7RE: McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made...
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