Orellana Corp. has the following data relating to accounts receivable for the year ended December 31, 2020: Accounts receivable, January 1, 2020 Allowance for doubtful accounts, January 1, 2020 Sales during the year, all on account, terms 2/10, 1/15, n/60 P480,000 19,200 2,400,000 Cash received from customers during the year Accounts written off during the year 2,560,000 17,600 An analysis of cash received from customers during the year revealed that P1,411,200 was received from customers availing the 10-day discount period, P792,000 from customers availing the 15-day discount period, P4,800 represented recovery of accounts written-off, and the balance was received from customers paying beyond the discount period. The allowance for doubtful accounts is adjusted so that it represents certain percentage of the outstanding accounts receivable at year end. The required percentage at December 31, 2020 is 125% of the rate used on December 31, 2019. 2 8. The doubtful accounts expense for 2020 is

Orellana Corp. has the following data relating to accounts receivable for the year ended December 31, 2020: Accounts receivable, January 1, 2020 Allowance for doubtful accounts, January 1, 2020 Sales during the year, all on account, terms 2/10, 1/15, n/60 P480,000 19,200 2,400,000 Cash received from customers during the year Accounts written off during the year 2,560,000 17,600 An analysis of cash received from customers during the year revealed that P1,411,200 was received from customers availing the 10-day discount period, P792,000 from customers availing the 15-day discount period, P4,800 represented recovery of accounts written-off, and the balance was received from customers paying beyond the discount period. The allowance for doubtful accounts is adjusted so that it represents certain percentage of the outstanding accounts receivable at year end. The required percentage at December 31, 2020 is 125% of the rate used on December 31, 2019. 2 8. The doubtful accounts expense for 2020 is

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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