Problem 4-13 (IAA) + Wonder Company provided the following transactions affecting accounts receivable during the current year: 5,900,000 Sales- cash and credit Cash received from credit customers, all of whom took advantage of the discount feature of the credit terms 4/10,n/30 Cash received from cash customers Accounts receivable written off as worthless Credit memorandum issued to credit customers for sales returns and allowances Cash refunds given to cash customers for sales returns and allowances Recoveries on accounts receivable written off as uncollectible in prior periods not included in cash received from credit customers 3,024,000 2,100,000 50,000 250,000 20,000 80,000 Balances on January 1 Accounts receivable Allowance for doubtful accounts 950,000 100,000 The entity provided for uncollectible accounts by crediting allowance for doubtful accounts in the amount of P70,000 for the current year. 1. What amount should be reported as accounts receivable on December 31? a. 1,300,000 b. 1,426,000 c. 1,280,000 d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31? a. 120,000 b. 200,000 c. 250,000 d. 170,000
Problem 4-13 (IAA) + Wonder Company provided the following transactions affecting accounts receivable during the current year: 5,900,000 Sales- cash and credit Cash received from credit customers, all of whom took advantage of the discount feature of the credit terms 4/10,n/30 Cash received from cash customers Accounts receivable written off as worthless Credit memorandum issued to credit customers for sales returns and allowances Cash refunds given to cash customers for sales returns and allowances Recoveries on accounts receivable written off as uncollectible in prior periods not included in cash received from credit customers 3,024,000 2,100,000 50,000 250,000 20,000 80,000 Balances on January 1 Accounts receivable Allowance for doubtful accounts 950,000 100,000 The entity provided for uncollectible accounts by crediting allowance for doubtful accounts in the amount of P70,000 for the current year. 1. What amount should be reported as accounts receivable on December 31? a. 1,300,000 b. 1,426,000 c. 1,280,000 d. 1,220,000 2. What amount should be reported as allowance for doubtful accounts on December 31? a. 120,000 b. 200,000 c. 250,000 d. 170,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:2. What amount should be reported as allowance for doubtful
Problem 4-13 (IAA) +
5,900,000
affecting accounts receivable during the current ve
Sales- cash and credit
Cash received from credit customers, all of whom
took advantage of the discount feature of the
credit terms 4/10,n/30
Cash received from cash customers
Accounts receivable written off as worthless
Credit memorandum issued to credit customers
for sales returns and allowances
Cash refunds given to cash customers for sales
returns and allowances
Recoveries on accounts receivable written off as
uncollectible in prior periods not included in
cash received from credit customers
3,024,000
2,100,000
50,000
250,000
20,000
80,000
Balances on January 1
950,000
100,000
Accounts receivable
Allowance for doubtful accounts
The entity provided for uncollectible accounts by crediting
allowance for doubtful accounts in the amount of P70,000 for
the current year.
1. What amount should be reported as accounts receivable
on December 31?
a. 1,300,000
b. 1,426,000
c. 1,280,000
d. 1,220,000
accounts on December 31?
a. 120,000
b. 200,000
c. 250,000
d. 170,000
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