a. Checks drawn but not yet released to payees amounted to P12 000 while check leased to payees but were postdated amounted to P5 000. b. On December 28, 2018, a vendor authorized ABC to return for full credit good ed and billed at P25 000 on Dec. 14, 2018. ABC shipped the on December 31, 201 memo received and recorded only on January 3, 2019. c. Goods shipped FOB shipping point, freight prepaid from a vendor on Decemb was recorded at invoice cost at shipment date. The invoice cost is P14 000 while t t cost is P3 000

a. Checks drawn but not yet released to payees amounted to P12 000 while check leased to payees but were postdated amounted to P5 000. b. On December 28, 2018, a vendor authorized ABC to return for full credit good ed and billed at P25 000 on Dec. 14, 2018. ABC shipped the on December 31, 201 memo received and recorded only on January 3, 2019. c. Goods shipped FOB shipping point, freight prepaid from a vendor on Decemb was recorded at invoice cost at shipment date. The invoice cost is P14 000 while t t cost is P3 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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can you please help me answer these questions... Aardvark Company sells merchandise only on credit. For the year ended December 31, 2019, the following data are available: Sales (all on credit) $1,200,000 Accounts Receivable, January 1, 2019 225,000 Allowance for doubtful accounts, January 1, 2019 (credit) 15,000 Cash collections during 2019 1,050,000 Accounts written off as uncollected (default) during 2019 10,000 Determine the balance of Accounts Receivable at December 31, 2019. Assume that the company estimates bad debts at 2% of credit sales. What amount will the company record as bad debt expense for 2019? What journal entry would Aardvark prepare to record bad debt expense for 2019 (related to part 2)? Assume that the company estimates bad debts based on the aging method, and the aging schedule estimates that $30,100 of the year-end accounts receivable will be uncollected. What amount will the company record as bad debt expense for 2019? What…
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