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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. _____________________
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