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The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 11/29 09/02 08/20 12/08 10/25 11/17 10/09 12/12 12/02 09/12 P56,000 84,720 48,000 35,680 80,000 42,400 92,560 88,000 76,800 49,600 69,600 P723,360 Two Co. 83,680 Three Corp. 122,400 Four Co. 180,560 Five Co. 126,400 Six, Inc. 69,600 Total P723,360 The estimated bad debt rates below are based on the Corporation's receivable collection experience. Age of accounts 0 – 30 days 31 – 60 days 61 – 90 days 91 – 120 days Over 120 days Rate 1% 1.5% 3% 10% 50%

The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 11/29 09/02 08/20 12/08 10/25 11/17 10/09 12/12 12/02 09/12 P56,000 84,720 48,000 35,680 80,000 42,400 92,560 88,000 76,800 49,600 69,600 P723,360 Two Co. 83,680 Three Corp. 122,400 Four Co. 180,560 Five Co. 126,400 Six, Inc. 69,600 Total P723,360 The estimated bad debt rates below are based on the Corporation's receivable collection experience. Age of accounts 0 – 30 days 31 – 60 days 61 – 90 days 91 – 120 days Over 120 days Rate 1% 1.5% 3% 10% 50%

Financial Accounting
Financial Accounting
14th Edition
ISBN:9781305088436
Author:Carl Warren, Jim Reeve, Jonathan Duchac
Publisher:Carl Warren, Jim Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 1E: Using the following revenue journal for Zeta Services Inc., identify each of the posting references,...
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The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of

 

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The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount 12/06 11/29 09/02 One, Inc. P56,000 84,720 48,000 P140,720 Two Co. 83,680 08/20 12/08 35,680 80,000 42,400 92,560 88,000 76,800 49,600 69,600 P723,360 Three Corp. 122,400 10/25 Four Co. 180,560 11/17 10/09 Five Co. 126,400 12/12 12/02 Six, Inc. 69,600 P723,360 09/12 Total The estimated bad debt rates below are based on the Corporation's receivable collection experience. Age of accounts 0 - 30 days 31 – 60 days Rate 1% 1.5% 3% 61 – 90 days 91 – 120 days Over 120 days 10% 50%
Transcribed Image Text:The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount 12/06 11/29 09/02 One, Inc. P56,000 84,720 48,000 P140,720 Two Co. 83,680 08/20 12/08 35,680 80,000 42,400 92,560 88,000 76,800 49,600 69,600 P723,360 Three Corp. 122,400 10/25 Four Co. 180,560 11/17 10/09 Five Co. 126,400 12/12 12/02 Six, Inc. 69,600 P723,360 09/12 Total The estimated bad debt rates below are based on the Corporation's receivable collection experience. Age of accounts 0 - 30 days 31 – 60 days Rate 1% 1.5% 3% 61 – 90 days 91 – 120 days Over 120 days 10% 50%
The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 9. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of
Transcribed Image Text:The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 9. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of
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