Receivables on Financial Accounting
Exercise 3 — 1 An analysis of the accounts receivable of Grammar Inc. shows the following information: ——I_ —————— More than 360 days past due 100: 000 19 Before any adjustments were made, Grammar’s allowance for doubtful accounts had abalance of P80,000. 1. Determine the required balance of Grammar’s doubtful accounts at the end of the reportingperiod. 2. Determine the doubtj‘ul accounts expense Grammar should recognize during the period. 3. Determine the net realizable value of Grammar ’3 accounts receivable at the end of theperiod.