Reference no: EM132691054
Michael Company provided the following information about accounts receivable on December 31, 2020:
0-60 days outstanding 6,000,000 5% uncollectible
61-120 days outstanding 4,500,000 10% uncollectible
Over 120 days outstanding 5,000,000 1,250,000 uncollectible
During 2020, the entity wrote off P700,000 in accounts receivable and recovered P300,000 that had been written off in prior years. On January 1, 2020, the allowance for uncollectible accounts was P500,000.
Problem 1: Under the aging method, what amount of uncollectible accounts expense should be reported for 2020?
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