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After further analysis of the aged accounts receivable, it is determined that the allowance for doubtful accounts be P200,000. What is the correct total of current net receivables? P8,800,000

After further analysis of the aged accounts receivable, it is determined that the allowance for doubtful accounts be P200,000. What is the correct total of current net receivables? P8,800,000

FINANCIAL ACCOUNTING
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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In a Nutshell Problem 19 When examining the accounts of Ayala Corporation, it is ascertained that balance relating to both receivables and payables are included in a single controlling account called "Receivables control" that has a debit balance of P4,850,000. An analysis of the make-up of this account revealed the following: Debit Credit Accounts receivable – customers 7,800,000 500,000 300,000 400,000 800,000 Accounts receivable – officers Debit balances – creditors Postdated checks from customers Subscriptions receivable Accounts payable for merchandise Credit balances in customer's accounts 4,500,000 200,000 100,000 150,000 Cash received in advance from customers Expected bad debts After further analysis of the aged accounts receivable, it is determined that the allowance for doubtful accounts be P200,000. What is the correct total of current net receivables? P8,800,000
Transcribed Image Text:In a Nutshell Problem 19 When examining the accounts of Ayala Corporation, it is ascertained that balance relating to both receivables and payables are included in a single controlling account called "Receivables control" that has a debit balance of P4,850,000. An analysis of the make-up of this account revealed the following: Debit Credit Accounts receivable – customers 7,800,000 500,000 300,000 400,000 800,000 Accounts receivable – officers Debit balances – creditors Postdated checks from customers Subscriptions receivable Accounts payable for merchandise Credit balances in customer's accounts 4,500,000 200,000 100,000 150,000 Cash received in advance from customers Expected bad debts After further analysis of the aged accounts receivable, it is determined that the allowance for doubtful accounts be P200,000. What is the correct total of current net receivables? P8,800,000
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