q44

What is the amount of Allowance for uncollectible accounts as of December 31,2019? O P 16,050 P 15,703 P 11,600 O P 11,456Presented below is information related to the Accounts receivable accounts of DEF Company. during the current year 2020: a. An aging schedule of the accounts receivable as of December 31,2020 is as follows: Age Net debit balance % of uncollectibility Under 60 days P 175,000 1% 61-90 days 80,000 3% 91-120 days 42,000 6% Over 120 days 24,000 P 4,200 definitely uncollectible remainder estimated 25% uncollectible b. The Accounts Receivable control account has a debit balance of P 321,000 on December 31,2020. c. Two entries were made in uncollectible accounts expense during the year: (1) a debit on December 31,2020 for the amount credited to Allowance for Uncollectible Accounts, and (2) a credit for P 2,740 on November 3,2020, and a debit to Allowance for Uncollectible Accounts because of a bankruptcy. The P 2,740 write -off of receivables is related to the 91- 120-day category. d. The allowance for uncollectible accounts is as follows for 2020 Date Particulars Debit Credit Balance Jan. 1 Beginning balance P 8,750 Nov. 3 Write-off P 2,740 6,010 Dec. 31 Provision (5% of P 16,050 22,060 321,000) e. A credit balance exists in the Accounts Receivable (61-90 days) of P 4,800 which represents an advance on sales contract. f. For year 2019, the company decided to use aging of receivables in measuring its uncollectible accounts