(MODIFIED) Spring Corporation has the following account balances onDecember 31, 2020:Accounts receivable Php 400,000Allowance for uncollectible accounts8,400Spring completed the following transactions in 2019:А.Net credit sales, Php 4,000,000.В.Collections on accounts, Php 3,870,000.С.Write-off of uncollectible accounts, Php 10,000.D. Recovery of accounts previously written-off, Php 2,000.Е.Uncollectible accounts expense, 2/3 of 1% of net credit sales.REQUIRED:A. Journalize the foregoing transactions.Compute the balance of accounts receivable and allowance for uncollectibleaccounts at December 31, 2020. What amount of Accounts receivable, net wouldSpring report on its December 31, 2020 balance sheet?Assume that Spring uses the aging of accounts instead of the percent of salesmethod in estimating uncollectible accounts. Analysis indicates that Php 30,800of outstanding accounts on December 31, 2020 may prove to be uncollectible.Compute for the uncollectible accounts expense and the net realizable value ofaccounts receivable.С.Which among the method in this case has the higher uncollectible expenseaccount?D.

The journalize of entries are given as, As per rule, allowed to answer first three subparts and post…

Answered: ce for uncollectible accounts8,400…

ce for uncollectible accounts8,400 ompleted the following transactions in 2019 Net credit sales, Php 4,000,000. Collections on accounts, Php 3,870,000. Write-off of uncollectible accounts, Php 10,0

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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