Ringo Company had the following information relating to net credit sales for 20X5: Accounts receivable, Dec. 31, 20X5 PhP. 18,000 dr. Allowance for uncollectible accounts, Dec. 31, 20X5, prior to adjustment 600 cr. Net credit sales during 20X5 95,000 Collections on account during 20X5 87,000 Cash sales during 20X5 27,000 if uncollectible accounts are determined by the aging of receivables method to be PhP. 3,040, the uncollectible-account expense for 20X5 would be:
Ringo Company had the following information relating to net credit sales for 20X5: Accounts receivable, Dec. 31, 20X5 PhP. 18,000 dr. Allowance for uncollectible accounts, Dec. 31, 20X5, prior to adjustment 600 cr. Net credit sales during 20X5 95,000 Collections on account during 20X5 87,000 Cash sales during 20X5 27,000 if uncollectible accounts are determined by the aging of receivables method to be PhP. 3,040, the uncollectible-account expense for 20X5 would be:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ringo Company had the following information relating to net credit sales for 20X5: |
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Accounts receivable, Dec. 31, 20X5 PhP. 18,000 dr. Allowance for uncollectible accounts, Dec. 31, 20X5, prior to adjustment 600 cr. Net credit sales during 20X5 95,000 Collections on account during 20X5 87,000 Cash sales during 20X5 27,000 |
if uncollectible accounts are determined by the aging of receivables method to be PhP. 3,040, the uncollectible-account expense for 20X5 would be:
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