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How much must be credited to uncollectible accounts

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Reference no: EM132822837

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

Accounts Receivable, January 1, 2019  2,025,000

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

Problem 1. How much is the allowance for uncollectible accounts for December 31, 2019?

Problem 2. How much is the balance of accounts receivable for December 31, 2020 statement of financial position?

Problem 3. How much must be debited or credited to uncollectible accounts to adjust the balance of allowance at year-end?

Reference no: EM132822837

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