48. Queen Company began the current year with accounts receivable of P1,000,000 and allowance for doubtful accounts of P80,000. During the current year, the following events occurred: Accounts written off 120,000 500,000 Cash Sale Sales on account 3,000,000 Doubtful account expense recognized At the end of the current year, the entity showed a balance in accounts receivable of P1,680,000. 200,000 Under cash basis, what amount should be reported as sales? a. 2,700,000 b. 2,200,000 c. 3,500,000 d. 3,320,000
48. Queen Company began the current year with accounts receivable of P1,000,000 and allowance for doubtful accounts of P80,000. During the current year, the following events occurred: Accounts written off 120,000 500,000 Cash Sale Sales on account 3,000,000 Doubtful account expense recognized At the end of the current year, the entity showed a balance in accounts receivable of P1,680,000. 200,000 Under cash basis, what amount should be reported as sales? a. 2,700,000 b. 2,200,000 c. 3,500,000 d. 3,320,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
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