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Leni Kiko Corporation had a January 1, 2022 balance in the Allowance for Doubtful Accounts of P12,000. During 2022, it wrote off P8,640 of accounts
Leni Kiko Corporation had a January 1, 2022 balance in the Allowance for Doubtful Accounts of P12,000. During 2022, it wrote off P8,640 of accounts and collected P2,520 on accounts previously written off. The balance in Accounts Receivable was P240,000 at January 1 and P288,000 at December 31. At December 31, 2022, Leni Kiko estimates that 5% of accounts receivable will prove to be uncollectible. What should Leni Kiko report as its Allowance for Doubtful Accounts at December 31, 2022?
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