Question:What is the amount of bad debts expense in its December 31, 2022 Statement of Comprehensive income assuming the Dolor’s policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and beginning balance of allowance of P20,000? The details of the accounts receivable of Dolor Corporation as December 31, 2022 shows thefollowing:Beginning balanceP3,450,0002,800,000Sales on account made to customersCollection of accounts receivable during the year4,200,00090,000Accounts written off as uncollectibleThe following transactions were included in the recorded transactions during the year:a. Invoice dated December 28, 2022 for P350,000 was shipped on December 31, 2022 terms FOBdestination. The goods were recorded as sale on account and was received by Customer Binon January 3, 2023.b. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit.There were 11,000 units of goods delivered FOB destination which were received on December10, 2021. The agreed price should be at P22 per unit only.

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Question: What is the amount of bad debts expense in its December 31, 2022 Statement of Comprehensive income assuming the Dolor’s policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and beginning balance of allowance of P20,000?

Question: What is the amount of bad debts expense in its December 31, 2022 Statement of Comprehensive income assuming the Dolor’s policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and beginning balance of allowance of P20,000?

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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On January 1, 2021, allowance for doubtful accounts showed a normal balance of P 60,000. During 2021, Cook provided doubtful accounts expense at P 128,000, derecognized in accounting books worthless accounts of P 92,000, and unexpectedly recovered P 24,000 of bad debts written off two years ago. QUESTION: What would be the allowance for doubtful accounts at December 31, 2021?
At 30 September 2020, Wall had an allowance for doubtful account of P37,000. During the year ended 30 September 2021 the company wrote off accounts totaling P18,000 and recovered P5,000 of accounts written off, and at the end of the year, it is decided that the doubtful account expense should be P20,000. 56) How much is the balance of allowance for doubtful accounts on September 30,2021? a. 44,000 b. 30,000 During the year, Jantz Company made an entry to write off a P4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was P80,000 and the balance in C. 62,000 d. None of these the allowance account was P4,500. 57)The net realizable value of accounts receivable after the write-off entry was a. P80,000. b. P79,500. Use the following information for the next two questions: A trial balance before adjustments included the following: c. P71,500. d. P75,500. Debit Credit Sales P425,000 Sales returns and allowance P14,000 53,000 Accounts receivable…
2 Nissan Inc. prepared an aging of its accounts receivable at December 31,2020 and determined that the net realizable value of the receivables was P250,000. Additional information is available as follows: Allowance for Bad Debts, 12/31/19 - debit balance Accounts written off as uncollectible during 2020 Accounts Receivable at 12/31/20 adjusted Uncollectible accounts recovery during 2020 What is amount of bad debts expense that shall be presented in Nissan's 2020 statement of financial performance? P 28,000 23,000 270,000 5,000
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52. What is the amount of bad debts expense in its December 31, 2022 Statement of Comprehensive income assuming the Dolor's policy is to provide 5% of the outstanding balance of accounts receivable as uncollectible and beginning balance of allowance of P20,000? The details of the accounts receivable of Dolor Corporation as December 31, 2022 shows the following: Beginning balance P3,450,000 2,800,000 Sales on account made to customers Collection of accounts receivable during the year 4.200.000 90,000 Accounts written off as uncollectible The following transactions were included in the recorded transactions during the year: a. Invoice dated December 28, 2022 for P350,000 was shipped on December 31, 2022 terms FOB destination. The goods were recorded as sale on account and was received by Customer Bin on January 3, 2023. b. Invoice dated and recorded on November 30, 2022 was erroneously priced at P32 per unit. There were 11,000 units of goods delivered FOB destination which were received…