Activity#2 X ACTIVITY#2 X + W Document1 - Microsoft Word (... X > C docs.google.com/forms/d/e/1FAlpQLSd6zAlKXF4garvJzEOWL8wugAhKkfLA-CAMiSpxkkQOXNVPtg/formResponse PROBLEM#4 100% + In connection with your examination of the financial statements of Patrick, Inc. for the year ended December 31, 2016, you were able to obtain certain information during your audit of the accounts receivable and related accounts. The December 31, 2016 balance in the Accounts Receivable control accounts is P558,600. b. An aging schedule of the accounts receivable as of December 31, 2016 is presented below: Net debit Percentage to be applied after Age balance corrections have been made 60 days & under P258,513 1 percent 61 to 90 days 204,735 3 percent 91 to 120 days 59,886 6 percent Over 120 days 35,466 Definitely uncollectible, P6,300; the remainder is estimated to be 25% uncollectible. C. Two entries were made in the Doubtful Accounts Expense account were: A debit on December 31 for the amount of the credit to the Allowance for Doubtful Accounts. A credit for P4,110 on November 30, 2016, and a debit to Allowance for Doubtful Accounts because of a bankruptcy. The related sales took place on October 1, 2016. d. The Allowance for Doubtful Accounts schedule is presented below: Debit Credit Balance January 1, 2016 P13,125 November 30, 2016 P4,110 9,015 December 31, 2016 (PS58,600 x 5%) P27,930 P36,945 Your answer W P X AG) 10:09 PM