Problem 6. On July, 2021, the Accounts Receivable and AcCounts Payable ledgers of Cotabato Grocery owned and managed by Cecil revealed the following balances: Debit P65 000 Credit Accounts Receivable Accounts Payable P75,000 The summary of transactions that took place during the month of August 2021 that affect the balances of both accounts are given below: . Collection from customers accounts, P25,000 Supplies bought on account from various supplierS P20,000 Service rendered tovarious customers on accounts, P15,000 • Payment of account to vanous suppliers, P50,000. What balance will the ledger of Accounts Receivable show on August 31, 2021?
Problem 6. On July, 2021, the Accounts Receivable and AcCounts Payable ledgers of Cotabato Grocery owned and managed by Cecil revealed the following balances: Debit P65 000 Credit Accounts Receivable Accounts Payable P75,000 The summary of transactions that took place during the month of August 2021 that affect the balances of both accounts are given below: . Collection from customers accounts, P25,000 Supplies bought on account from various supplierS P20,000 Service rendered tovarious customers on accounts, P15,000 • Payment of account to vanous suppliers, P50,000. What balance will the ledger of Accounts Receivable show on August 31, 2021?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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