Reference no: EM132915529
For the year ended December 31, 2018, Ancheta Co. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available:
Allowance for uncollectible accounts, 1/1/18.................................P56,000
Provision for uncollectible accounts during 2018
(2% on credit sales of P2,000,000)......................................40,000
Uncollectible accounts written off, 11/30/18......................................46,000
Estimated uncollectible accounts per aging, 12/31/18...........................79,000
Problem 1: After year-end adjustment, the uncollectible accounts expense for 2018 should be
A. 46,000
B. 69,000
C. 79,000
D. 59,000
E. none of the above
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