ABC Company provides for doubtful accounts based on 3% of credit sales. The following data are available for 20X1: Credit sales during 20X1, P21,000,000 Allowance for doubtful accounts, Jan 1 P170,000 9. Collection of accounts written off in prior years (customer credit was reestablished), P80,000 Customer accounts written off as uncollectible during 20X1, P300,000 What is the balance in allowance for doubtful accounts at Dec 31, 20X1? 420,000 500,000 580,000 630,000