The following data are obtained from the single-entry records kept by Jefford Merchandising for 2019: Cash Accounts Receivables Notes Receivables Dec. 31 1,200,000 1,600,000 1,200,000 Jan. 1 1,600,000 2,000,000 400,000 The cashbook shows the following receipts information: Accounts Receivable (After discounts of P100,000) 3,700,000 960,000 900,000 80,000 Notes Receivable Cash Sales Rent Income Sale of Equipment (Costing P200,000 and book value of P100,000 Additional Cash Investment by Jefford Merchandising 120,000 600,000 Audit Notes: • Accounts receivable of P120,000 was written off as uncollectible. Returns of P320,000 were on merchandise sales.

The following data are obtained from the single-entry records kept by Jefford Merchandising for 2019: Cash Accounts Receivables Notes Receivables Dec. 31 1,200,000 1,600,000 1,200,000 Jan. 1 1,600,000 2,000,000 400,000 The cashbook shows the following receipts information: Accounts Receivable (After discounts of P100,000) 3,700,000 960,000 900,000 80,000 Notes Receivable Cash Sales Rent Income Sale of Equipment (Costing P200,000 and book value of P100,000 Additional Cash Investment by Jefford Merchandising 120,000 600,000 Audit Notes: • Accounts receivable of P120,000 was written off as uncollectible. Returns of P320,000 were on merchandise sales.

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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