INTER. ACCOUNTING - CONNECT+ALEKS ACCESS
10th Edition
ISBN: 9781264770335
Author: SPICELAND
Publisher: MCG
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CPA Co.'s allowance for doubtful accounts was P1,000,000 at the end of 2021
and P900,000 at the end of 2020. For the year ended December 31, 2021, the
entity reported doubtful accounts expense of P160,000 in the income
statement. What amount was debited to the appropriate account to write off
uncollectible accounts in 2021?
Milky Company's allowance for doubtful accounts was P1,000,000 at the end
of 2019 and P900,000 at the end of 2018
For the year ended December 31, 2019, the entity reported doubtful accounts
expense of P160,000 in the income statement.
What amount was debited to the appropriate account to write off uncollectible
accounts in 2020?
please answer the follow question.
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- I want the answerarrow_forwardAt 30 September 2020, Wall had an allowance for doubtful account of P37,000. During the year ended 30 September 2021 the company wrote off accounts totaling P18,000 and recovered P5,000 of accounts written off, and at the end of the year, it is decided that the doubtful account expense should be P20,000. 56) How much is the balance of allowance for doubtful accounts on September 30,2021? a. 44,000 b. 30,000 During the year, Jantz Company made an entry to write off a P4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was P80,000 and the balance in C. 62,000 d. None of these the allowance account was P4,500. 57)The net realizable value of accounts receivable after the write-off entry was a. P80,000. b. P79,500. Use the following information for the next two questions: A trial balance before adjustments included the following: c. P71,500. d. P75,500. Debit Credit Sales P425,000 Sales returns and allowance P14,000 53,000 Accounts receivable…arrow_forwardYinYang Company reported cash basis of income other than sales of P 50,000 for rent and P18,000 for interest for 2021. The entity would have to convert records and statements to accrual basis again for 2021. It was ascertained in the accrual basis statements made for December 31,2020 that unearned rent amounted to P 20,000 and accrued interest amounted to P 8,000. Upon further checking of records, it was determined that the unearned rent at the end of 2021 amounts to P 15,000 and accrued interest at the end of 2021 amounts to P 6,000. Compute for the accrual basis of income other than sales related to rent and interest for 2021 that will be presented in the December 31, 2021 Statement of Comprehensive Income.arrow_forward
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