Problem 20 On December 31, 2020, the accounts receivable control account of Eddie Company had a balance of P8,200,000. An analysis of the accounts receivable account showed the following: Subscription receivable due in 30 days Advance payments to creditors on purchase orders Advances to affiliated companies Interest receivable on bonds Trade accounts receivable - unassigned Customers' accounts reporting credit balances arising from sales returns Trade accounts receivable – assigned (Finance Company's equity in assigned accounts is P500,000) Trade installments receivable due 1-18 months, including unearned finance charge of PS0,000 Trade accounts receivable from officers, due currently Trade accounts on which post-dated checks are held (no entries were made on receipt of checks) Accounts known to be worthless Total 2,200,000 400,000 1,000,000 400,000 2,000,000 ( 600,000) 1,500,000 850,000 150,000 200,000 100,000 8.200,000 The correct balance of trade accounts receivable December 31, 2020 is AN

Problem 20 On December 31, 2020, the accounts receivable control account of Eddie Company had a balance of P8,200,000. An analysis of the accounts receivable account showed the following: Subscription receivable due in 30 days Advance payments to creditors on purchase orders Advances to affiliated companies Interest receivable on bonds Trade accounts receivable - unassigned Customers' accounts reporting credit balances arising from sales returns Trade accounts receivable – assigned (Finance Company's equity in assigned accounts is P500,000) Trade installments receivable due 1-18 months, including unearned finance charge of PS0,000 Trade accounts receivable from officers, due currently Trade accounts on which post-dated checks are held (no entries were made on receipt of checks) Accounts known to be worthless Total 2,200,000 400,000 1,000,000 400,000 2,000,000 ( 600,000) 1,500,000 850,000 150,000 200,000 100,000 8.200,000 The correct balance of trade accounts receivable December 31, 2020 is AN

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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Reproduced below from Farthington Supply's accounting records is the accounts receivable subledger along with selected general ledger accounts.
At December 31, 2021, Pina Co. reported the following information on its balance sheet. Accounts receivable $960,100 Less: Allowance for doubtful accounts 78,200 During 2022, the company had the following transactions related to receivables. 1. Sales on account $3,739,000 2. Sales returns and allowances 49,400 3. Collections of accounts receivable 2,814,000 4. Write-offs of accounts receivable deemed uncollectible 90,500 5. Recovery of accounts previously written off as uncollectible 28,000 1. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 2 .Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use…
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A 15
An analysis and aging of Eagle Corporation accounts receivable at December 31, 2021 , disclosed the following Amount estimated to be uncollectible P 1,800,000 Accounts receivable 17,500,000 Allowance for doubtful accounts (per books) 1,250,000 What is the net realizable value of Eagle Corporation’s receivables at December 31, 2021? A. P 14,450,000 B. P 16,250,000 C. P 15,700,000 D. P 17,500,000
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At December 31, 2021, Skysong, Inc. reported this information on its balance sheet. Accounts receivable Less: Allowance for doubtful accounts During 2022, the company had the following transactions related to receivables. 1. 2. 3. 4. 5. (a) (b) (c) (d) Sales on account Sales returns and allowances $620,000 42,000 Collections of accounts receivable Write-offs of accounts receivable deemed uncollectible Recovery of accounts previously written off as uncollectible Accounts receivable turnover Compute the accounts receivable turnover and average collection period, assuming the expected uncollectibles information provided in (c). (Round answers to 1 decimal place, e.g. 25.2. Use 365 days for calculation.) Average collection period $2,810,000 63,000 2,510,000 44,000 15,000 times days
Harlan Company uses the Allowance method for accounting for receivables. They had the following information as of December 31, 2022: Net Credit Sales, year 2022 6,867,750 Accounts Receivable, December 31, 2021 655,000 Accounts Receivable, December 31, 2022 745,000 Allowance for Doubtful Accounts, December 31, 2022 4,350 Credit Harlan Company estimates that 2% of the Accounts Receivable will become uncollectible. What are some things that a company can do to improve the collection of its Accounts Receivable? On January 7, 2023 it was determined that Bundy Company’s account in the amount of $3,800 will be uncollectible. Prepare the entry to write off the Bundy Company account. What is the Cash Realizable Value of the receivables after the write-off of the Bundy Company account?
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