At the beginning of the year, AlLmight had a receivable amounting to P 100,000. The recorded sales from the ledger were P 590,000 including P 390,000 cash sales. The collection from credit customers was 190,000. As of the year-end, the remaining balance of the receivable was estimated at 80% collectible.Prepare the journal entry for the transactions above. At the beginning of the year AlILmight had a receivable amounting to P 100,000. The recorded salesfrom the ledger was P 590,000 including P 390,000 cash sales. Collection from credit customerswas 190,000. As of the year end, the remaining balance of the receivable was estimated at 80%collectible.Prepare the journal entry for the transactions above.

Bad debts expense = Total receivables - collectible receivables where, Collectible receivables =…

Answered: At the beginning of the year, AlLmight…

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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At the beginning of the year, AlLmight had a receivable amounting to P 100,000. The recorded sales from the ledger were P 590,000 including P 390,000 cash sales. The collection from credit customers was 190,000. As of the year-end, the remaining balance of the receivable was estimated at 80% collectible.

Prepare the journal entry for the transactions above.

At the beginning of the year AlILmight had a receivable amounting to P 100,000. The recorded sales
from the ledger was P 590,000 including P 390,000 cash sales. Collection from credit customers
was 190,000. As of the year end, the remaining balance of the receivable was estimated at 80%
collectible.
Prepare the journal entry for the transactions above.

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