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Indicate how each of the following should be classified on the company’s statement of financial position as of December 31, 2020  Claims from customers for merchandise sold Claims from employees representing cash advances Expense receipts for advances made for freight  charges for the account of the supplier Claims from employees representing selling price of goods sold under normal credit terms Customers accounts with credit balances resulting from sales returns subsequent to full collection of account Claims against consignees for goods shipped to the latter, goods are still unsold at the reporting date Claims against consignees for goods shipped to the latter and already sold at Dec 31. Receivables arising from subscription to the company’s share capital Receivable arising from sale of equipment Deposit on purchase of undelivered merchandise Creditors account with debit balances resulting from overpayment Dishonored customers note Income tax refunds approved by BIR Assigned accounts receivable Customers accounts on which postdated checks are hed Customers accounts ascertained to be uncollectible

Indicate how each of the following should be classified on the company’s statement of financial position as of December 31, 2020  Claims from customers for merchandise sold Claims from employees representing cash advances Expense receipts for advances made for freight  charges for the account of the supplier Claims from employees representing selling price of goods sold under normal credit terms Customers accounts with credit balances resulting from sales returns subsequent to full collection of account Claims against consignees for goods shipped to the latter, goods are still unsold at the reporting date Claims against consignees for goods shipped to the latter and already sold at Dec 31. Receivables arising from subscription to the company’s share capital Receivable arising from sale of equipment Deposit on purchase of undelivered merchandise Creditors account with debit balances resulting from overpayment Dishonored customers note Income tax refunds approved by BIR Assigned accounts receivable Customers accounts on which postdated checks are hed Customers accounts ascertained to be uncollectible

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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Indicate how each of the following should be classified on the company’s statement of financial position as of December 31, 2020 

    1. Claims from customers for merchandise sold
    2. Claims from employees representing cash advances
    3. Expense receipts for advances made for freight  charges for the account of the supplier
    4. Claims from employees representing selling price of goods sold under normal credit terms
    5. Customers accounts with credit balances resulting from sales returns subsequent to full collection of account
    6. Claims against consignees for goods shipped to the latter, goods are still unsold at the reporting date
    7. Claims against consignees for goods shipped to the latter and already sold at Dec 31.
    8. Receivables arising from subscription to the company’s share capital
    9. Receivable arising from sale of equipment
    10. Deposit on purchase of undelivered merchandise
    11. Creditors account with debit balances resulting from overpayment
    12. Dishonored customers note
    13. Income tax refunds approved by BIR
    14. Assigned accounts receivable
    15. Customers accounts on which postdated checks are hed
    16. Customers accounts ascertained to be uncollectible
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