Chicken Wings Company is engaged in buying and selling of office equipment which caters both cash and on account sales to customers. The following are the transactions that affect accounts receivable during 2021: Sales (cash and on account), P591,050 Cash received from cash customers, P205,175 Cash received from credit customers (281,300 was received from customers who took advantage of the discount feature of the company’s credit term 3/10, n/30, P320,800 Accounts written of as worthless, P4,955 Credit memoranda issued to credit customers for sales returns and allowances, P26,275 Cash refunds given to cash customers for sales returns and allowances, P16,972 Recoveries on accounts written off as uncollectible in prior periods (not included in cash collections stated above), P6,615 An aging of the receivables indicates that P17,300 of the accounts receivable balance are deemed uncollectible. The following balances were taken from the December 31, 2020 statement of financial position: Accounts receivable, P95,824 Allowance for bad debts, P9,740 What are the balances of Accounts Receivable that would be shown in the December 31, 2021 statement of financial position?
Chicken Wings Company is engaged in buying and selling of office equipment which caters both cash and on account sales to customers. The following are the transactions that affect
Sales (cash and on account), P591,050
Cash received from cash customers, P205,175
Cash received from credit customers (281,300 was received from customers who took advantage of the discount feature of the company’s credit term 3/10, n/30, P320,800
Accounts written of as worthless, P4,955
Credit memoranda issued to credit customers for sales returns and allowances, P26,275
Cash refunds given to cash customers for sales returns and allowances, P16,972
Recoveries on accounts written off as uncollectible in prior periods (not included in cash collections stated above), P6,615
An aging of the receivables indicates that P17,300 of the accounts receivable balance are deemed uncollectible.
The following balances were taken from the December 31, 2020
Accounts receivable, P95,824
Allowance for
What are the balances of Accounts Receivable that would be shown in the December 31, 2021 statement of financial position?
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