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Question - BB Company began operations on January 1, 2019. On December 31, 2019, BB provided for uncollectible accounts based on 5% of annual credit sales. On January 1, 2020, BB changed its method of determining its allowance for uncollectible accounts to the percentage of accounts receivable. The rate of uncollectible accounts was determined to be 15% of the ending accounts receivable balance. In addition, BB wrote off all accounts receivable that were over 1 year old. The following additional information relates to the years ended December 31, 2019 and 2020.
2020
2019
Credit sales
P8,000,000
P6,000,000
Collections (including collections on recovery)
6,950,000
4,500,000
Accounts written off
70,000
None
Recovery in accounts previously written off
20,000
Required - How much is the provision for uncollectible accounts for the year ended December 31, 2020?
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