8) Scout Company estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2020, Scout's credit sales and collections were P125,000 and P131,000, respectively. What was the balance of accounts receivable on January 1, 2020, if P180 in accounts receivable were written off during 2020 and if the allowance account had a balance of P750 on December 31, 2020? а. 5,820 b. 31,000 с. 31,180 d. 25,000

8) Scout Company estimates the allowance for uncollectible accounts at 3% of the ending balance of accounts receivable. During 2020, Scout's credit sales and collections were P125,000 and P131,000, respectively. What was the balance of accounts receivable on January 1, 2020, if P180 in accounts receivable were written off during 2020 and if the allowance account had a balance of P750 on December 31, 2020? а. 5,820 b. 31,000 с. 31,180 d. 25,000

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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