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Determine greenlands bad debt expense for 2018

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Question

On January 1, 2018, Greenland Incorporated had Accounts Receivable and Allowance for Bad Debts of P160,000 and P12,000 respectively. Sales (all on credit) during 2018 amounted to P1,800,000. Accounts of P7,000 were also written off during the year. An analysis of Greenland Accounts Receivable at December 31, 2018 revealed the following:

Age

0 - 60 days

61 - 120 days

Over 120 days

Amount

P120,000

90,000

100,000

P310,000

Estimated uncollectible

1%

2%

6%

There are no other transactions affecting Accounts Receivable.

1. How much was collected from customers during 2018? ____________________

2. Determine Greenland's Bad Debt Expense for 2018. _____________________

Reference no: EM132315265

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