The following data were taken from the records of PRAISEWORTHY Company for the year ended December 31, 2020 its first year of operations: Sales on account P20,000,000 Collections from customers (excluding collections from recoveries) 16,000,000 Doubtful accounts expense 500,000 Accounts written off 400,000 Merchandise returned by customers (at selling price) 300,000 Discounts taken by customers 200,000 Collections on accounts written off 100,000 What is the balance of accounts receivable on December 31, 2020?

The following data were taken from the records of PRAISEWORTHY Company for the year ended December 31, 2020 its first year of operations: Sales on account P20,000,000 Collections from customers (excluding collections from recoveries) 16,000,000 Doubtful accounts expense 500,000 Accounts written off 400,000 Merchandise returned by customers (at selling price) 300,000 Discounts taken by customers 200,000 Collections on accounts written off 100,000 What is the balance of accounts receivable on December 31, 2020?

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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