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Determine the net realizable value of accounts receivable

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Problem 1: Before year-end adjusting entries were prepared on December 31, 2020, Dunn Trading's balances for Accounts Receivable and Allowance for Doubtful Accounts were P600,000 and P45,000, respectively. An aging of accounts receivable indicated that P62,500 of the December 31 receivables are expected to be uncollectible. The net realizable value of accounts receivable after adjustment is

Option 1: P555,000

Option 2: P582,500

Option 3: P537,500

Option 4: P492,500

Reference no: EM132833007

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