The adjusted trial balance of Paolo Co. as of December 31, 2019 shows the following: Debit Credit Php 1,000,000 Account Receivable Allowance for doubtful accounts Php40,000 Additional information: Cash Sales of the company represent 10% of the gross sales. Total sales amount to Php12,000,000. Ninety percent of the customers did not take advantage of the 2/10 n/30 credit sale terms. The total sales value of the accounts receivable collected during the year was Php8,360,000. Allowance for doubtful accounts is measured as follows: % of Ending Balance 60 20 12 5 3 % Uncollectible 2 20 40 60 90

The adjusted trial balance of Paolo Co. as of December 31, 2019 shows the following: Debit Credit Php 1,000,000 Account Receivable Allowance for doubtful accounts Php40,000 Additional information: Cash Sales of the company represent 10% of the gross sales. Total sales amount to Php12,000,000. Ninety percent of the customers did not take advantage of the 2/10 n/30 credit sale terms. The total sales value of the accounts receivable collected during the year was Php8,360,000. Allowance for doubtful accounts is measured as follows: % of Ending Balance 60 20 12 5 3 % Uncollectible 2 20 40 60 90

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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