ACCOUTING PRIN SET LL INCLUSIVE
14th Edition
ISBN: 9781119815327
Author: Weygandt
Publisher: WILEY
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ABC Corporation began 2019 with an accounts receivable balance of $56,921.
During 2019, ABC had sales revenue of $207,500: $35,000 of that was cash sales and $172,500 of that was credit sales.
ABC wrote off $10,000 of uncollectible accounts and had payments on account of $180,000
Create a T-account for Accounts Receivable. Post the relevant information from above and calculate ABC Corporation’s Accounts Receivable balance at 12/31/19.
Mahal Mo Co. reported revenue of P3,100,000 in its accrual basis income statement for the
year ended December 31, 2020. Additional information are as follows: Accounts receivable,
December 31, 2019, P700,000 and Accounts receivable, December 31, 2020, P1,100,000.
Under the cash basis, how much should Mahal Mo Co. report as revenue for 2020? *
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