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Dreamer Company reported the "Receivables" account with a debit balance of P2,000,000 at year-end. The allowance for doubtful accounts had a credit balance of P50,000 on same date.

Dreamer Company reported the "Receivables" account with a debit balance of P2,000,000 at year-end. The allowance for doubtful accounts had a credit balance of P50,000 on same date.

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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Problem 4-1 (IAA) Dreamer Company reported the "Receivables" account with a debit balance of P2,000,000 at year-end. The allowance for doubtful accounts had a credit balance of P50,000 on same date. Subsidiary details revealed the following: Trade accounts receivable Trade notes receivable Installments receivable, normally due 1 year to two years Customers' accounts reporting credit balances arising from sales return Advance payments for purchase of merchandise Customers' accounts reporting credit balances arising from advance payments Cash advance to subsidiary Claim from insurance entity Subscriptions receivable due in 60 days Accrued interest receivable 775,000 100,000 300,000 (30,000) 150,000 ( 20,000) 400,000 15,000 300,000 10,000 2,000,000
Transcribed Image Text:Problem 4-1 (IAA) Dreamer Company reported the "Receivables" account with a debit balance of P2,000,000 at year-end. The allowance for doubtful accounts had a credit balance of P50,000 on same date. Subsidiary details revealed the following: Trade accounts receivable Trade notes receivable Installments receivable, normally due 1 year to two years Customers' accounts reporting credit balances arising from sales return Advance payments for purchase of merchandise Customers' accounts reporting credit balances arising from advance payments Cash advance to subsidiary Claim from insurance entity Subscriptions receivable due in 60 days Accrued interest receivable 775,000 100,000 300,000 (30,000) 150,000 ( 20,000) 400,000 15,000 300,000 10,000 2,000,000
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