The balances of selected accounts taken from January 1, 2019 statement of financial position of...
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Accounting
- The balances of selected accounts taken from January 1, 2019 statement of financial position of Faithful Companywere as follows:
Accounts receivable P3,750,000
Allowance for doubtful accounts 90,000
The following summary of transactions affecting accounts receivable occurred during the year ended December 31, 2019.
Sales all on account (2/10, 1/15, n/30) P11,902,500
Cash received from customers 12,000,000
The cash received includes the following:
Customer paying within the 10-day discount period 6,615,000
Customer paying within the 15-day discount period 3,712,500
Recovery of accounts written off 22,500
Customers paying beyond the discount period ?
Accounts receivable written off as worthless 82,500
Credit memoranda for sales return 45,000
The balance of accounts receivable of December 31, 2019 is?
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