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Question - Winter Corp. has outstanding accounts receivable totaling P2.54 million as of December 31 and sales on credit during the year of P12.8 million. There is also a debit balance of P6,000 in the allowance for doubtful accounts. If the company estimates that 1% of its net credit sales will be uncollectible, what will be the balance in the allowance for doubtful accounts after the year-end adjustment to record bad debt expense?
a. P25,400 c. P122,000 b. P31,400 d. P134,000
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