On Jan. 01, 2021 Ricca Company’s accounts receivable balance is P75,000. On Jan. 13, the company sold items on credit worth P30,000 to Mr. Yuri. On Jan. 26, she has another sales worth P45,000 where 60% is on cash. On Jan. 27, he collected P12,500 from Mr. Yuri and another P5,000 the following day, Jan. 28. The related allowance for doubtful accounts has a balance of P6,000. Compute the carrying amount of accounts receivable of Ricca Company.

On Jan. 01, 2021 Ricca Company’s accounts receivable balance is P75,000. On Jan. 13, the company sold items on credit worth P30,000 to Mr. Yuri. On Jan. 26, she has another sales worth P45,000 where 60% is on cash. On Jan. 27, he collected P12,500 from Mr. Yuri and another P5,000 the following day, Jan. 28. The related allowance for doubtful accounts has a balance of P6,000. Compute the carrying amount of accounts receivable of Ricca Company.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 1CE

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