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What amount of allowance for uncollectible accounts should

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Reference no: EM132612797

The following information pertains to ABC Co.'s accounts receivables at December 31, 2017:

Age                  Amount %        Uncollectible

0-60 days       120,000             1%

61-120 days     90,000              2%

Over 120          100,000                6%

Problem 1: During 2017, ABC wrote off P7,000 in receivables and recovered P4,000 that had been written off in prior years. ABC's December 31, 2017, allowance for uncollectible accounts was P22,000. Under aging method, what amount of allowance for uncollectible accounts should ABC report on December 31, 2017?

A. Answer not given

B. P10,000

C. P19,000

D. P9,000

Reference no: EM132612797

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