Solution-How much is the balance of accounts receivable for

How much is the balance of accounts receivable for December

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Reference no: EM132851120

Question - SOUL Company had the following data relating to its accounts receivable:

Accounts Receivable, January 1, 2019	P2,025,000
Allowance for uncollectible accounts, December 31, 2018	120,000
Sales for 2019 excluding P600,000 cash sales	2,300,000
Sales for 2020 including P1,000,000 cash sales	6,400,000
Total collections from customer during 2019 including recovery	3,870,000
Total collections from customer during 2020 excluding recovery	5,750,000
Accounts written-off, June 30, 2019	75,000
Accounts written-off, September 30, 2020	125,000
Recoveries of accounts during 2019 written-off in prior years	20,000
Recoveries of accounts during 2020 written-off in prior years	25,000
Estimated uncollectible receivable per aging, December 31, 2019	20%
Estimated uncollectible receivable per aging, December 31, 2020	165,000

Required -

a. How much is the allowance for uncollectible accounts for December 31, 2019?

b. How much is the balance of accounts receivable for December 31, 2020 statement of financial position?

c. How much must be debited or credited to uncollectible accounts to adjust the balance of allowance at year-end?

Reference no: EM132851120

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How much is the balance of accounts receivable for December

Reference no: EM132851120

Reference no: EM132851120

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