accounting help ITEMS 66 TIHROUGH 68 ARE BASED ON THE FOLLOWING INFORMATION.The following data was taken from Sotang Hon Convenience Store for the ycar ended December 31, 2013before adjustment was preparedDebitP210,000CreditAccounts ReceivableEstimated Uncollectible AccountsP1,000Details of Accounts Receivable were as followsJ. Pong EnterprisesP PonggilsA. YosP 30,000100,00080,000Aging of Accounts Receivable revealed the followingCollectible rateReceivable as aged:J. Pong EnterprisesP PonggilsA Yos99%1-30 days15,00040,00050,00095%61-90 days5,00025,00010,00098%31-60 days10,00035,00020,00066 How much is the required Estimated Uncollectible Account as per aging made?a P3,350b P4,350C P5,350d PI,00067. The adjusting entry to record the Uncollectible Accounts as of December 31, 2013 isa Uncollectible AccountsEstimated Uncollectible Accountsb Uncollectible AccountsEstimated Uncollectible Accountsc Uncollectible AccountsEstimated Uncollectible AccountsPI,000PI,000P3,350P3,350P4,350P4,350P5,350d. Uncollectible AccountsEstimated Uncollectible AccountsP5,35068 The net realizable value of Accounts Receivable isa P209,000b. P206,650c. P205,650d. P204.650

Generally a company prepares Estimated Uncollectible Account as a liability to record the…

ITEMS 66 THROUGH 68 ARE BASED ON THE FOLLOWING INFORMATION. The following data was taken from Sotang Hon Convenience Store for the year ended December 31, 2013 before adjustment was prepared Debit P210,000 Credit Accounts Receivable Estimated Uncollectible Accounts P1,000 Details of Accounts Receivable were as follows J. Pong Enterprises P Ponggils A Yos P 30,000 100,000 80,000 Aging of Accounts Receivable revealed the following Collectible rate Receivable as aged J. Pong Enterprises P Ponggils A Yos 99% 1-30 days 15,000 40,000 50,000 98% 95% 31-60 days 10,000 35,000 20,000 61-90 days 5,000 25,000 10,000 66 How much is the required Estimated Uncollectible Account as per aging made? a P3,350 b P4,350 C P5,350 d PI,000 67. The adjusting entry to record the Uncollectible Accounts as of December 31, 2013 is a Uncollectible Accounts Estimated Uncollectible Accounts PL,000 PI,000 b Uncollectible Accounts P3,350 Estimated Uncollectible Accounts c Uncollectible Accounts Estimated Uncollectible Accounts P3,350 P4,350 P4,350 d. Uncollectible Accounts P5,350 Estimated Uncollectible Accounts PS,350 68 The net realizable value of Accounts Receivable is a P209,000 b. P206,650 C P205,650 d. P204,650

ITEMS 66 THROUGH 68 ARE BASED ON THE FOLLOWING INFORMATION. The following data was taken from Sotang Hon Convenience Store for the year ended December 31, 2013 before adjustment was prepared Debit P210,000 Credit Accounts Receivable Estimated Uncollectible Accounts P1,000 Details of Accounts Receivable were as follows J. Pong Enterprises P Ponggils A Yos P 30,000 100,000 80,000 Aging of Accounts Receivable revealed the following Collectible rate Receivable as aged J. Pong Enterprises P Ponggils A Yos 99% 1-30 days 15,000 40,000 50,000 98% 95% 31-60 days 10,000 35,000 20,000 61-90 days 5,000 25,000 10,000 66 How much is the required Estimated Uncollectible Account as per aging made? a P3,350 b P4,350 C P5,350 d PI,000 67. The adjusting entry to record the Uncollectible Accounts as of December 31, 2013 is a Uncollectible Accounts Estimated Uncollectible Accounts PL,000 PI,000 b Uncollectible Accounts P3,350 Estimated Uncollectible Accounts c Uncollectible Accounts Estimated Uncollectible Accounts P3,350 P4,350 P4,350 d. Uncollectible Accounts P5,350 Estimated Uncollectible Accounts PS,350 68 The net realizable value of Accounts Receivable is a P209,000 b. P206,650 C P205,650 d. P204,650

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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