Reference no: EM133022983
Question - From the inception of operations, an entity provided for doubtful accounts under the allowance method and provisions were made at 2% of credit sales.
No year- end adjustments to the allowance account were made. The balance in the allowance for doubtful accounts was Php 1,000,000 on January 2017.
During 2017, credit sales totaled Php 20,000,000, interim provisions for doubtful accounts were mae at 2% of credit sales, Php 200,000 of bad debts were written off, and recoveries of accounts previously written off amounted to Php 50,000. An aging was made on December 31, 2017.
1. What is the required allowance for doubtful accounts on December 31, 2017?
a. 1,650,000
b. 1,950,000
c. 1,700,000
d. 1,450,000
2. What amount should be reported as doubtful accounts expense for current year?
a. 1,200,000
b. 1,650,000
c. 900,000
d. 950,000
3. What is the adjustment to the allowance for doubtful accounts on December 31, 2017?
a. 900,000 debit
b. 900,000 credit
c. 500,000 debit
d. 500,000 credit
4. What is the net realizable value of accounts receivable on December 31, 2017?
a. 9,900,000
b. 8,250,000
c. 8,350,000
d. 8,200,000
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