At the end of fiscal year of operations, November 30, 2021, Liquid Corp had accounts...
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At the end of fiscal year of operations, November 30, 2021, Liquid Corp had accounts receivable of P500,000 which were net of the related allowance for doubtful accounts, During the year, it recorded charges to bad debts expense of P80,000 and wrote off uncollectible accounts receivable of P20,000. How much should Liquid report in its Nov 30, 2021 balance sheet as accounts receivable before the allowance for doubtful accounts?
a.P560,000
b.P500,000
c.P600,000
d.P520,000
At the end of fiscal year of operations, November 30, 2021, Liquid Corp had accounts receivable of P500,000 which were net of the related allowance for doubtful accounts, During the year, it recorded charges to bad debts expense of P80,000 and wrote off uncollectible accounts receivable of P20,000. How much should Liquid report in its Nov 30, 2021 balance sheet as accounts receivable before the allowance for doubtful accounts?
a.P560,000
b.P500,000
c.P600,000
d.P520,000
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