"Receivables control" that has a debit balance of P4,850,000. An analysis of the make-up of this account revealed the following: Debit Credit Accounts receivable – customers 7,800,000 500,000 300,000 400,000 800,000 Accounts receivable – officers Debit balances – creditors Postdated checks from customers Subscriptions receivable Accounts payable for merchandise Credit balances in customer’s accounts Cash received in advance from customers OF 4,500,000 200,000 100,000 150,000 Expected bad debts After further analysis of the aged accounts receivable, it is determined that the allowance for doubtful accounts be P200,000. What is the correct total of current net receivables?

"Receivables control" that has a debit balance of P4,850,000. An analysis of the make-up of this account revealed the following: Debit Credit Accounts receivable – customers 7,800,000 500,000 300,000 400,000 800,000 Accounts receivable – officers Debit balances – creditors Postdated checks from customers Subscriptions receivable Accounts payable for merchandise Credit balances in customer’s accounts Cash received in advance from customers OF 4,500,000 200,000 100,000 150,000 Expected bad debts After further analysis of the aged accounts receivable, it is determined that the allowance for doubtful accounts be P200,000. What is the correct total of current net receivables?

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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