See the image below. Please provide some solutions so that I can verify that I solved the problem correctly. Question: The accounts receivable from Silang is To substantiate the existence of the accounts receivable balances as at December 31, 2018, ofLUKAS COMPANY, you have decided to send confirmation requests to customers. Below is asummary of the confirmation replies together with the exceptions and audit findings. Gross profiton sales is 20%. The company is under the perpetual inventory method.BalanceName ofCustomer Per BooksCommentsFrom CustomersAudit FindingsP150,000 P90,000 was returned on December 30, Returned goods were receivedConcordia2018. Correct balance is P60,000.December 31, 2018.FalconP30,000 Your CM representing price adjustment The CM was taken up by Lukasdated December 28, 2018, cancels this.P144,000 You have overpriced us by P150. Correct The complaint is valid.Company in 2019.Lazaroprice should be P300.SilangP112,500 We received the goods only on January 6, Term is shipping point.2019.Shipped in 2018.P135,000 Balance was offset by our December Lukasshipment of your raw materials.Company creditedpayableP135,000 to record purchases.YakalaccountsforYakal is a supplier.

Solution: We are required to find the account receivable from Silang From the comment received from…

Answered: ee the image below. Please provide…

ee the image below. Please provide some solutions so that I can verify that I solved the problem correctly. Question: The accounts receivable from Silang is

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 8P

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Existence of Accounts ReceivableTo substantiate the existence of the accounts receivable balances as at December 31, 2020 of Guipetacio Company, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Customer Balances per Books (in PHP) Comments from customers Audit Findings Abejo 50,000 P30,000 on January 2,2021. Correct balance is20,000. Returned goods receivedJanuary 5, 2021. Pacturan 10,000 Your credit memorepresenting priceadjustment datedDecember 29. 2020cancels this. The credit memo wastaken up by Pacturan in2021 Badilla 48,000 You have overpriced usby P50. Correct priceshould be P100. The complaint is valid. Villaranda 37,500 We received the goodsonly on January 5, 2021. Term is shipping pointshipped in 2020. Dacer 45,000 Balance was offset by ourDecember shipment ofyour raw…
To substantiate the existence of the accounts receivable balances as at December 31, 2017 of LUKAS COMPANY, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Name of Customer Balance Per BooksComments From Customers Audit Findings Concordia P150,000 P90,000 was returned on December 30, 2017. Correct balance as is P60,000. Returned goods were received December 31, 2017.F Falcon P30,000 Your CM representing price adjustment dated December 28, 2017 cancels this. The CM was taken up by Lukas Company in 2018. Lazaro P144,000 You have overpriced us by P150. Correct price should be P300. The complaint is valid. Silang P112,500 We received the goods only on January 6, 2018. Term is shipping point. Shipped in 2017. Yakal P135,000 Balance was offset by our December shipment of your raw materials. Lukas…
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You are engaged in the audit of Kaya Co., a new client, on December 31,2018. You review the following accounts in the general ledger: Accounts Receivable Beg.Bal., P200,000 Sales 4,000,000 Total P4,200,000 Loan Receivable Loan granted to a customer, 1/1/2018 P3,600,000 P4,000,000 400,000 Total P4,000,000 P4,000,000 Unearned Interest Income orig. Fees Direct P11,520 Balance 288,480 Total P300,000 in 1/1/2018 P2,596,000 1,484,000 120,000 Accounts receivable Retained earnings b. Sales discount 2018 Loan receivable b. Loan receivable paid end uncollectible P4,200,000 Unearned interest income a. P2,720,000 b. P2,750,000 P300,000 Additional information: A. The beginning balance of the accounts receivable on January 1,2018 was net of the allowance for doubtful accounts in 2017 amounting to P20,000. One of the credits in the accounts receivable was made as a result of cash collections. When receivables were collected, the bookkeeper credited accounts receivable for the cash collected.…
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What was the September 30 balance in the control account?
Control Accounts provide J-Quan Ltd with useful information on sales and purchases. At the end of January 2021, the following balances were extracted from the company’s ledgers: Details/Accounts $ January 1, 2021: Purchases ledger balance b/d (dr) 25,000 Sales ledger balance b/d (cr) 18,700 Sales ledger balance b/d (dr) 51,400 Purchases ledger balance b/d (cr) 37,400 January 31, 2021: Bad debts written off 30,000 Discount received 4,600 Set off between sales and purchases ledgers 4,000 Credit sales for the month 37,800 Cheques paid to supplier’s 31,000 Interest on overdue customers’ accounts 3,500 Cash received from debtors 29,000 Dishonoured suppliers’ cheques 1,500 Discount allowed 45,000 Cash sales for the month 12,000 Credit purchases for the month 24,000 Refunds to credit customers 2,800 Return inwards 4,200 Cash purchases 7,500 Cheques received…
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At December 31, 2019, SoundMaster Company reported this informationon its balance sheet.Accounts receivable $960,000Less: Allowance for doubtful accounts 78,000During 2019, the company had the following transactions related to receivables.1. Sales on account $3,600,0002. Sales returns and allowances 150,0003. Collections of accounts receivable 3,100,0004. Write-offs of accounts receivable deemed uncollectible 92,0005. Recovery of bad debts previously written off as uncollectible 28,000 Instructionsa) Prepare the journal entries to record each of these five transactions. Assumethat no cash discounts were taken on the collections of accounts receivable.(Omit cost of goods sold entries.)b) Enter the January 1, 2019, balances in Accounts Receivable andAllowance for Doubtful Accounts, post the entries to the two accounts(use T-accounts), and determine the balances.c) Prepare the journal entry to record bad debt expense for 2019, assumingthat aging the accounts receivable indicates that…
Prepare a balance sheet, assuming that the current portion of the note payable is $7,000
The following data were taken from the records of Zhubair Company for the year ended December 31, 2021: Šales on account Notes received to settle accounts Provision for doubtful accounts P7,200,000 800,000 180,000 50,000 7,800,000 6,400,000 520,000 30,000 4,900,000 Accounts determined to be worthless Purchases on account Payments to creditors Discounts allowed by creditors Merchandise returned by customer Čollections received to settle accounts Notes given to creditors to settle accounts 500,000 Merchandise returned to suppliers Payments on notes payable Discounts taken by customers Colletions received in settlement of 140,000 200,000 80,000 notes 360,000 23. What is the outstanding balance of the notes receivable account at December 31, 2021? 24. What is the net realizable value of the accounts receivable?