AUDIT OF RECEIVABLE ACCOUNTS AND ALLOWANCE FOR DOUBTFUL ACCOUNTS The company's policy is to allow for dubious accounts as follows: Less than three months P2,500,960 one percent 843,200 5% in 3 to 6 months Over a 6-month period, 274,500 10% P3,618,660 in total An examination of the accounts receivable schedule revealed that certain accounts that had been overdue for more than a year and totaled P152,460 should be wiped off. 4. Accounts payable A. P3,936,000 B. P3,618,660 C. P3,783,540 D. P3,613, 140

AUDIT OF RECEIVABLE ACCOUNTS AND ALLOWANCE FOR DOUBTFUL ACCOUNTS The company's policy is to allow for dubious accounts as follows: Less than three months P2,500,960 one percent 843,200 5% in 3 to 6 months Over a 6-month period, 274,500 10% P3,618,660 in total An examination of the accounts receivable schedule revealed that certain accounts that had been overdue for more than a year and totaled P152,460 should be wiped off. 4. Accounts payable A. P3,936,000 B. P3,618,660 C. P3,783,540 D. P3,613, 140

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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