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2.14 Revo Company has an allowance for uncollectible accounts balance of P34,000 at January 1, 2012. During 2012, accounts totaling P47,000 were written off. Accounts
2.14 Revo Company has an allowance for uncollectible accounts balance of P34,000 at January 1, 2012. During 2012, accounts totaling P47,000 were written off. Accounts written off in prior years amounting to P7,000 were recovered during the year. At December 31, 2012, an aging of its accounts receivable showed: Amount % Uncollectible Not yet due P340,000 0% 1-30 days past due 240,000 5% 31-60 days past due 20,000 25% 61-90 days past due 30,000 50% Over 90 days past due 24,000 90% Additional accounts to be written off 6,000 REQUIRED: Show computations for the following - (b) Uncollectible Accounts Expense for the year 2012 Net amortized cost of accounts receivable at December 31, 2012
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