n.comAliExpressLazada a Agoda.comOpen with Google Docs- Intermediate Accounting 1.docxC PI8,000d. P24,800For Nos. 28-30The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these accounts.On December 15, 2020, the entity assigned the remalnder of the accounts receivable, P5,000,000 as of that date, as collateral on a P2,500,000,12% annual interest rate loan.The entity received P2,500,000 less a 2% finance charge. None of the assigned accounts has been collected by the end of the year.Allowance for bad debts before adjustment, 12/31/2020Estimated uncollectible, 12/31/2020Accounts receivable not indluding factored and assigned accountsAccounts recelvable - assignedAccounts receivable- factored100,00010% of accounts receivable1,000,0005,000,0001,500,00028. What Is the total amount of cash recelved from the financing of accounts recelvable during the year?a.P1,390,000b. P3,890,000P3,540,000d. P3,840,000C.29. What total amount of aocounts receivable should be reported as current assets on December 31, 2020?P1,000,000b.a.P6,000,000P5,000,000d. P7,500,000C.30. What is the bad debts expense for the current year?P500,000b.a.P600,000P650,000d.C.P750,000Page 4 5Q +li

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Description: n.comAliExpressLazada a Agoda.comOpen with Google Docs- Intermediate Accounting 1.docxC PI8,000d. P24,800For Nos. 28-30The entity sold P1,500,000 of accounts receivable for cash proceeds of P1,390,000. No bad debt allowance was associated with these

Bad debts: Bad debts can be defined as those account receivables which company expects to be…

Business

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28. What Is the total amount of cash recelved from the financing of accounts recelvable during the year? a. P1,390,000 b. P3,890,000 P3,540,000 d. P3,840,000 C. 29. What total amount of accounts receivable should be reported as current assets on December 31, 2020? P1,000,000 b. P6,000,000 C. a. P5,000,000 d. P7,500,000 30. What is the bad debts expense for the current year? P500,000 b. P600,000 C. a. P650,000 d. P750,000

28. What Is the total amount of cash recelved from the financing of accounts recelvable during the year? a. P1,390,000 b. P3,890,000 P3,540,000 d. P3,840,000 C. 29. What total amount of accounts receivable should be reported as current assets on December 31, 2020? P1,000,000 b. P6,000,000 C. a. P5,000,000 d. P7,500,000 30. What is the bad debts expense for the current year? P500,000 b. P600,000 C. a. P650,000 d. P750,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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