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ABC Company has a sales of Php3,000,000 in 2020, of which, collections are made as follows
1st quarter 980,000.00
2nd quarter 500,000.00
3rd quarter 700,000.00
4th quarter 820,000.00
At the start of the year, the entity's accounts receivable has a net realizable value of Php323,000 net of 5% uncollectible accounts On November 1 of the current year the entity increased its uncollectible accounts to7% of outstanding accounts receivable The entity's sales are incurred evenly during the year and sales returns of Php35,000 in the 2nd quarter
Problem 1: How much is the bad debt expense for the 3rd quarter of the current year?
Option 1: 2,500.00
Option 2: 10,000.00
Option 3: 3,500.00
Option 4: 1,750.00
Option 5: None of the above
Problem 2: How much is the bad debt expense for the nine months ended September 30?
Option 1: Php 2,500
Option 2: Php 10,000
Option 3: Php 3,500
Option 4: Php 1,750
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