Question: show complete solution pls, thank you Problem 5-10 (IAA) Gruesome Company provided the following information for the current year: Allowance for doubtful accounts on January

Problem 5-10 (IAA) Gruesome Company provided the following information for the current year: Allowance for doubtful accounts on January 1 200,000 Credit sales 5,000,000 Accounts receivable deemeu worthless and written off 300.000 As a result of a review and aging of accounts receivable, it has been determined that an allowance for doubtful accounts of P400,000 is needed on December 31. What amount should be recorded as doubtful accounts expense for the current year? a. 400,000 b. 300,000 c. 500,000 d. 700,000 Problem 5-11 (AICPA Adapted) Tantrum Company provided the following information in relation to accounts receivable at year-end: Days Estimated outstanding Amount %Uncollectible 0 60 1,200,000 1% 61 120 900,000 2% Over 120 1,000,000 6% 3,100,000 During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year? a. 90,000 b. 80,000 c. 70,000 d. 60,000 152
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