Gray Company had an accounts receivable balance of P50,000 on December 31, 2001, and P75,000 on December 31, 2002. The company wrote off P20,000 of accounts receivable during 2002, and collected P3,000 on an account written off in 2000. Sales for the year 2002 totaled P620,000. All sales were on account. The amount collected from customers on accounts receivable during 2002, including recoveries, was O P578,000. O P600,000. O P575,000 O P595,000.

Gray Company had an accounts receivable balance of P50,000 on December 31, 2001, and P75,000 on December 31, 2002. The company wrote off P20,000 of accounts receivable during 2002, and collected P3,000 on an account written off in 2000. Sales for the year 2002 totaled P620,000. All sales were on account. The amount collected from customers on accounts receivable during 2002, including recoveries, was O P578,000. O P600,000. O P575,000 O P595,000.

Name: Question 5Multiple choice (one answer)Gray Company had an accounts re
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Description: Question 5Multiple choice (one answer)Gray Company had an accounts receivable balance of P50,000 on December 31, 2001, and P75,000 on December31, 2002. The company wrote off P20,000 of accounts receivable during 2002, and collected P3,000 on an acco

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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