PROBLEM 9 Robin Company uses the following allowance method of accounting for bad debts. The following summary schedule was prepared from an aging of accounts receivable outstanding on December 31, 2021. Probability of Collection 98% No. of Days Outstanding Amount 0-30 days P500,000 31-60 days 200,000 Over 60 days 100,000 The following information is available for the current year: Net credit sales for the year Allowance for uncollectible accounts, January 1, 2021 Allowance for uncollectible accounts, December 31, 2021 (before adjustment) 90% 80% P4,000,000 5,000 (cr.) 2,000 (dr.) Explain how to get the Uncollectible accounts expense Explain the allowance for uncollectible accounts reported in word's financial statements for 2021.

PROBLEM 9 Robin Company uses the following allowance method of accounting for bad debts. The following summary schedule was prepared from an aging of accounts receivable outstanding on December 31, 2021. Probability of Collection 98% No. of Days Outstanding Amount 0-30 days P500,000 31-60 days 200,000 Over 60 days 100,000 The following information is available for the current year: Net credit sales for the year Allowance for uncollectible accounts, January 1, 2021 Allowance for uncollectible accounts, December 31, 2021 (before adjustment) 90% 80% P4,000,000 5,000 (cr.) 2,000 (dr.) Explain how to get the Uncollectible accounts expense Explain the allowance for uncollectible accounts reported in word's financial statements for 2021.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

ChapterB: Bad Debts

Section: Chapter Questions

Problem 1P: Rogan Companys total sales on account for the year amounted to 327,000. The company, which uses the...

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