Problem on the Provision for Uncollectible Accounts The preliminary trial balance of Tagum Traders, owned by Merry Chris Ceniza as of December 31, 20A showed in part the Accounts Receivable and its related Estimated Uncollectible Accounts: Debit Credit Accounts Receivable P 300,000 Estimated Uncollectible Account 4,000 1. If at the end of the year, the Estimated Uncollectible Account is to be provided at 3% of its outstanding receivable, what would the amount of adjustment be? 2. What is the required adjusting entry on December 31, 20A? 3. What is the Estimated Realizable Value of the Accounts Receivable as of December 31, 20A? 4. If the Estimated Uncollectible Account should be "increased by" 2% of the outstanding receivable account, what should be the adjusting entry needed? 5. If the Estimated Uncollectible Account should be "increased to" 2% - of the outstanding receivable account, what should be the adjusting entry needed? The following data is taken from V. Ayuban Convenience Store for the year ended December 31, Debit Credit Accounts Receivable Estimated Uncollectible Account P 100,000 1,000 Details of Accounts Receivable follows: J. Japad Enterprises E. Claudel Trading M. Poliran Merchandising P 30,000 50,000 20,000 Aging of Accounts Receivable revealed the following: Collectible Rate Receivable as aged: 99% 1-60 days 98% 61-120 days J. Japad Enterprises P 25,000 P5,000 E. Claudel Trading 20,000 30,000 M. Poliran Merchandising 10,000 10,000 1. How much is the Estimated Uncollectible Account as per aging made? 2. What is the adjusting entry to record the Estimated Uncollectible Account as of December 31, 20A? 3. What is the Estimated Realizable Value of Accounts Receivable as of Dec. 31, 20A