The December 31, 2020 statement of financial position of Leon Company showed Accounts receivable balance of P500,000 and Allowance for Bad Debts of P48,000. Following is a summary of accounts receivable transactions recorded by the company in 2021:

Credit sales during the year	P 3,120,000
Total accounts collected during the year	3,020,160
Accounts written off as uncollectible	42,000
Recoveries of accounts written off in the previous year	2,160

On December 31, 2021, an aging of accounts receivable indicated the following:

Age group	% of total receivable amount	Probability of collection
Less than 60 days	60%	99%
Between 61 and	22%	88%
120 days
Between 121 and 180 days	15%	45%
Over 180 days	3%	20%

Questions: Based on the above and the result of your audit, answer the following:

The adjusted gross balance of accounts receivable is?

Group of answer choices

560,000

562,160

570,000

604,160

The allowance for doubtful accounts as of December 31, 2021 is:

Group of answer choices

77,484

77,324

77,784

77,544

The doubtful account expense for the year 2021 is:

Group of answer choices

69,324

69,624

69,664

69,124

The net realizable value of accounts receivable as of December 31, 2021 is:

Group of answer choices

480,356

480,516

482,456

482,216

Assuming that the over 180 days account is 100% uncollectible, how much is the balance of allowance for uncollectible accounts at year end?

Group of answer choices

43,244

64,344

44,684

58,924

SHOW SOLUTIONS PO