Reference no: EM133186706
Question - The unadjusted trial balance of ABC Company on December 31, 2019, end of its first year of operation, showed among others Accounts Receivable, P1,250,000 and Cash Sales, P4,560,000
Among its transactions for the year 2020 are the following
a. Sales on account, P5,500,000
b. Total collections during the year, P3,500,000
c. The management adopted a policy of providing for doubtful accounts based on 5% of the outstanding receivable at the end of the year.
Required - What is the adjusting journal entry on December 31, 2020 in recognizing bad debt expense?
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