Karl Company estimates doubtful accounts based on the aging of accounts receivable. At the beginning of the year 2020, the Allowance for Doubtful Account had a credit balance of P120,000. During the year, Karl wrote-off specific worthless accounts receivable valued at P15,000. How much is the balance of the allowance for doubtful accounts after adjustment? Select one: a. P105,000 b. P 37,000 c. P142,000 d. P247,000

Karl Company estimates doubtful accounts based on the aging of accounts receivable. At the beginning of the year 2020, the Allowance for Doubtful Account had a credit balance of P120,000. During the year, Karl wrote-off specific worthless accounts receivable valued at P15,000. How much is the balance of the allowance for doubtful accounts after adjustment? Select one: a. P105,000 b. P 37,000 c. P142,000 d. P247,000

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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