Tantrum Company provided the following information in relation to accounts receivable at year-end: Days Outstanding 0-60 Estimated Amount 1,200,000 900,000 % Uncollectible 1% 2% 61-120 Over 120 1,000,000 6% During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?

Tantrum Company provided the following information in relation to accounts receivable at year-end: Days Outstanding 0-60 Estimated Amount 1,200,000 900,000 % Uncollectible 1% 2% 61-120 Over 120 1,000,000 6% During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?

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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Oo.151. Subject :- Account
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