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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Karl Company estimates doubtful accounts based on the aging of
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
![Uncollectible
A/R- Ages
Current (within 30 days)
31-60 days past due
61-90 days past due
more than 91 days past
A/R Balance
estimate
2,000,000
800,000
1%
7%
250,000
12%
due
60,000
3,110,000
60%
Total](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F9dcc4c85-0b84-464a-bb78-5038d48dd37b%2F830034e0-6597-4982-b7c0-842b80376aa3%2F5dalikn_processed.png&w=3840&q=75)
Transcribed Image Text:Uncollectible
A/R- Ages
Current (within 30 days)
31-60 days past due
61-90 days past due
more than 91 days past
A/R Balance
estimate
2,000,000
800,000
1%
7%
250,000
12%
due
60,000
3,110,000
60%
Total
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