Presented below are unaudited balances of selected accounts of Angelica Company as of December 31, 2021 Unadjusted balances, December 31, 2021 Selected accounts      Debit           Credit Cash 500.000   Accounts receivable 1,300,000 Allowance for bad debts            8,000 Net sales                                     6.750.000 Additional information are as follows: • Goods amounting to P50,000 were invoiced for the accounts of Mang Kanour Store & Company recorded on January 2, 2022 with terms of net, 60 days, FO

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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ANSWER ASAP PLS!!

THANK YOU SO MUCH

 

Presented below are unaudited balances of selected accounts of Angelica Company as of December 31, 2021 Unadjusted balances, December 31, 2021

Selected accounts      Debit           Credit

Cash 500.000  

Accounts receivable 1,300,000

Allowance for bad debts            8,000

Net sales                                     6.750.000

Additional information are as follows:

• Goods amounting to P50,000 were invoiced for the accounts of Mang Kanour Store & Company recorded on January 2, 2022 with terms of net, 60 days, FOB shipping point. The goods were shipped to Mang Kanour on December 30,

• The bank returned on December 29, 2021, a customer's check for P15,000 marked "No Sufficient Funds", but no entry was

• Angelica estimates that allowance for uncollectible accounts should be one and one-half percent on the accounts receivable balance as of year-end. No uncollectible accounts expense has yet been provided for

Questions: Based on the above and the result of your audit, answer the following:

what is the carrying amount of the accounts receivable to be presented in the statement of financial position as of december 31, 2021?

1,344,525

1,344,525

1,365,000

1,329,750

 

the adjusting journal entry for the check marked "no sufficient fund" involves

a. debit to cash in bank 15,000

b. debiit to accounts receivable 15,000

c. debit to sales 15,000

d. debiit to bad debt expense 15,000

 

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