2. Dos Enterprises has historically reported bad debt expense of 5% of sales in each quarter. The entity followed the same procedure in the three quarters of the current year. However, in the fourth quarter, the entity determined that bad debt expense for the entire year should be P450,000. Sales in each quarter of the year were 1st quarter - P2,000,000, 2nd quarter P1,500,000, third quarter P2,5000,000 and fourth quarter P4,000,000. What amount should be recognized as bad debt expense for the fourth quarter? *

2. Dos Enterprises has historically reported bad debt expense of 5% of sales in each quarter. The entity followed the same procedure in the three quarters of the current year. However, in the fourth quarter, the entity determined that bad debt expense for the entire year should be P450,000. Sales in each quarter of the year were 1st quarter - P2,000,000, 2nd quarter P1,500,000, third quarter P2,5000,000 and fourth quarter P4,000,000. What amount should be recognized as bad debt expense for the fourth quarter? *

Name: Good accounting form 2. Dos Enterprises has historically reported bad
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Description: Good accounting form 2. Dos Enterprises has historically reported bad debtexpense of 5% of sales in each quarter. The entityfollowed the same procedure in the three quarters ofthe current year. However, in the fourth quarter, theentity determined tha

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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