ABC Company provided the following accounts excerpt from the unadjusted trial balance on Dec 31, 2022; Accounts Receivable, P250,000; Allowance for doubtful accounts (dr. bal. of P2,000); Sales, P1,000,000. The company estimated that 4% of the gross accounts receivable will become uncollectible. . 5.What amount should be reported as allowance for doubtful accounts on Dec 31, 2022? * 6.What amount should be recognized as doubtful accounts expense for the year 2022? 7.At what amount shall the accounts receivable be presented on Dec 31, 2022?
ABC Company provided the following accounts excerpt from the unadjusted trial balance on Dec 31, 2022; Accounts Receivable, P250,000; Allowance for doubtful accounts (dr. bal. of P2,000); Sales, P1,000,000. The company estimated that 4% of the gross accounts receivable will become uncollectible. . 5.What amount should be reported as allowance for doubtful accounts on Dec 31, 2022? * 6.What amount should be recognized as doubtful accounts expense for the year 2022? 7.At what amount shall the accounts receivable be presented on Dec 31, 2022?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ABC Company provided the following accounts excerpt from the unadjusted trial balance on Dec 31, 2022; Accounts Receivable , P250,000; Allowance for doubtful accounts (dr. bal. of P2,000); Sales, P1,000,000. The company estimated that 4% of the gross accounts receivable will become uncollectible. .
5.What amount should be reported as allowance for doubtful accounts on Dec 31, 2022? *
6.What amount should be recognized as doubtful accounts expense for the year 2022?
7.At what amount shall the accounts receivable be presented on Dec 31, 2022?
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