Wonder Company provided the following transactions affecting accounts receivable during the current year:

Problem 8 Wonder Company provided the following transactions affecting accounts receivable during the current year: Sales-cash credit 5,900,000 Cash received from credit customers, all of whom took advantage of the discount feature of the credit terms 4/10, n/30 3,024,000 Cash received from cash customers 2,100,000 Accounts receivable written off as worthless 50,000 Credit memorandum issued to credit customers for sales returns and allowances 250,000 Cash refunds given to cash customers for sales returns and allowances 20,000 Recoveries on accounts receivable written off as uncollectible prior periods not included in cash received from customers stated above 80,000 Balances on January 1 Accounts receivable 950,000 Allowance for doubtful accounts 100,000 The entity provided for uncollectible account losses by crediting allowance for doubtful accounts in the amount of P70, 000 for the current year. 1. What is the balance of accounts receivable on December 31? 2. What is the balance of allowance for doubtful accounts on December 31