On January 1, 20x9, COMPANY B enters into a non-cancellable contract with Y COMPANY for the sale of equipment for P2,100,000. The equipment will be delivered to Y COMPANY on April 1, 20x9. The contract requires Y COMPANY to pay P2,100,000 in advance on February 1, 20x9. Y COMPANY however, made payment on March 1, 20x9. How much is the receivable to be recorded by COMPANY B on March 1, 20x9?

On January 1, 20x9, COMPANY B enters into a non-cancellable contract with Y COMPANY for the sale of equipment for P2,100,000. The equipment will be delivered to Y COMPANY on April 1, 20x9. The contract requires Y COMPANY to pay P2,100,000 in advance on February 1, 20x9. Y COMPANY however, made payment on March 1, 20x9. How much is the receivable to be recorded by COMPANY B on March 1, 20x9?

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 11RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...

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