Adee admitted Das as a partner in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 216,000 Inventory Accounts Payable Adee, Capital In order to establish Das Interest, the partners agreed on the following 74,400 316,800 An allowance of doubtful accounts of 2% is to be established Merchandise Inventory is to be valued at P242,400 - Prepaid Expenses of P4,200 and accrued expenses of P4,800 are to be recognized

Adee admitted Das as a partner in a business. The balance sheet of Adee on July 30, 2019 before the admission of Das shows: Cash 31,200 Receivables 144,000 216,000 Inventory Accounts Payable Adee, Capital In order to establish Das Interest, the partners agreed on the following 74,400 316,800 An allowance of doubtful accounts of 2% is to be established Merchandise Inventory is to be valued at P242,400 - Prepaid Expenses of P4,200 and accrued expenses of P4,800 are to be recognized

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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