1. ABC Company provides for doubtful accounts based 3% of credit sales. The following data are available for 2017:

Credit Sales during 2017 P21, 000,000

Allowance for doubtful accounts 1/1/17 170, 000

Collection of accounts written off in prior years (Customer credit was re-established) 80,000

Customer accounts written off as uncollectible during 2017 300, 000

What is the balance in allowance for doubtful accounts at December 31, 2017?

• 630, 000
• 580, 000
• Answer not given
• 420, 000
• 500, 000