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The financial statements of Super Corporation include the following; December 31, 2019 December 31, 2020 150,000 Accounts Receivable Allowance for Doubtful Accounts 4,500 Sales 1,200,000 850,000 Cash collected from customers (of which P490,000 is net of 2% discount) There was a recovery of P5,000 receivable from a customer, not included above, whose account had been written off as worthless in 2019. During 2020, it was necessary to write-off uncollectible customer's accounts of P10,000 and defective goods worth P1,000 were received from customers. On December 1, 2020, a customer settled his account by issuing a 12% six-month note for P100,000. Requirement 1: Prepare the journal entries To record sales on account: 1) To record collection of cash within the discount period: 2 Sales Discount To record collection of cash beyond the discount period To record recovery of previously written-off accounts 3) To record the write-off of uncollectible accounts: 4) To record sales returns: 5) To record the receipt of note from a customer: 6 Compute the balance of Accounts Receivable as of Dec. 31, 2020. Answer: Compute the balance of the allowance account before adjustment. Answer: Compute the required allowance assuming the company employs the percentage of accounts Time left 1:50:44 that the rate of loss is 3% higher than last year. Answer: How much is the doubtful accounts expense for 2020? Give the corresponding entry Answer: Allowance for Doubtful Accounts Doubtful Accounts Expense

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