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Compute what balance in allowance for doubtful accounts

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Reference no: EM132586703

ABC Company provides for doubtful accounts based 3% of credit sales. The following data are available for 2017:

Credit Sales during 2017 P21, 000,000

Allowance for doubtful accounts 1/1/17 170, 000

Collection of accounts written off in prior years (Customer credit was re-established) 80,000

Customer accounts written off as uncollectible during 2017 300, 000

Question 1: What is the balance in allowance for doubtful accounts at December 31, 2017?

Option 1: 630, 000

Option 2: 580, 000

Option 3: Answer not given

Option 4: 420, 000

Option 5: 500, 000

Reference no: EM132586703

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