Your audit of Banayoyo Corporation for the year ended December 31, 2018 revealed that the Accounts Receivable account consists of the following: Trade accounts receivable (current)P3,440,000Past due trade accounts 640,000Uncollectible accounts128,000Credit balances in customers’ accounts(80,000)Notes receivable dishonored240,000Consignment shipments – at costThe consignee sold goods costing P96,000 for P160,000.  A 10% commission was charged by the consignee and remitted the balance to Banayoyo.  The cash was received in January, 2019.        320,000TotalP4,688,000 The balance of the allowance for doubtful accounts before audit adjustment is a credit of P80,000.  It is estimated that an allowance should be maintained to equal 5% of trade receivables, net of amount due from the consignee who is bonded.  The company has not provided yet for the 2018 bad debt expense.Based on the above and the result of your audit, determine the adjusted balance of Allowance for doubtful accounts.Select one:a.P204,000b.P179,200c.P216,000d.P172,000

Your audit disclosed that on December 31, 2018, the accounts receivable control account of Alilem Company had a balance of P2,865,000.  An analysis of the accounts receivable account showed the following: Accounts known to be worthlessP    37,500Advance payments to creditors on purchase orders150,000Advances to affiliated companies375,000Customers’ accounts reporting credit balances arising from sales return (225,000)Interest receivable on bonds150,000Other trade accounts receivable – unassigned750,000Subscriptions receivable for common stock due in 30 days825,000Trade accounts receivable  - assigned (Finance company’s equity in assigned accounts is P150,000) 375,000Trade installment receivable due 1 – 18 months, including unearned finance charges of P30,000 330,000Trade receivables from officers due currently22,500Trade accounts on which post-dated checks are held (no entries were made on receipts of checks)        75,000 P2,865,000 Based on the above and the result of your audit, determine the adjusted balance of the trade accounts receivable as of December 31, 2018.Select one:a.P1,447,500b.P1,485,000c.P1,147,500d.P1,522,500

Bantay Company's unadjusted trial balance at December 31, 2023, included the following accounts: Debit CreditAccounts receivable 1,000,000 Allowance for doubtful accounts  40,000 Sales 15,000,000Sales returns and allowances  700,000  Bantay Company estimates its bad debt expense to be 1 1/2% of net sales. Determine its bad debt expense for 2023.

You were able to gather the following from the December 31, 2018 trial balance of Mandaluyong Corporation in connection with your audit of the company: Cash on handP  500,000Petty cash fund10,000BPI current account1,000,000Security Bank current account No. 011,080,000Security Bank current account No. 02(80,000)PNB savings account1,200,000PNB time deposit500,000 Cash on hand includes the following items: a.    Customer’s check for P40,000 returned by bank on December 26, 2018 due to insufficient fund but subsequently redeposited and cleared by the bank on January 8, 2019.b.    Customer’s check for P20,000 dated January 2, 2019, received on December 29, 2018.c.    Postal money orders received from customers, P30,000. The petty cash fund consisted of the following items as of December 31, 2018. Currency and coinsP  2,000Employees’ vales1,600Currency in an envelope marked “collections for charity” with names attached 1,200Unreplenished petty cash vouchers1,300Check drawn by Mandaluyong Corporation, payable to the petty cashier      4,000 P10,100 Included among the checks drawn by Mandaluyong Corporation against the BPI current account and recorded in December 2018 are the following: a.    Check written and dated December 29, 2018 and delivered to payee on January 2, 2019, P80,000.b.    Check written on December 27, 2018, dated January 2, 2019, delivered to payee on December 29, 2018, P40,000. The credit balance in the Security Bank current account No. 2 represents checks drawn in excess of the deposit balance.  These checks were still outstanding at December 31, 2018. The savings account deposit in PNB has been set aside by the board of directors for acquisition of new equipment.  This account is expected to be disbursed in the next 3 months from the balance sheet date.Based on the above and the result of your audit, determine the adjusted balance of cash on hand.

The following information were taken from the balance sheet of Juan Repair shop as of March 31, 2017: Cash P70,000; Notes Receivable, P10,000; supplies, P5,000; Prepaid Rent,P20,000; total non-current assets, P80,000; Total Liabilities and Capital, P200,000. How much is the Accounts Receivable?Select one:a.P 120, 000b.Answers not given.c.P 15,000d.P 25,000

The following are account balances for Molto Traders for October 2019.Capital 45,000Accounts payable 6,000Equipment 29,000Sales revenue 23,000Drawings 6,000Insurance expense 3,500Purchases 11,000Utilities expense 700Inventory September 1, 2018 2,800Salaries and wages expense 9,000Accounts receivable 10,000Rent expense 2,000Required:a) Prepare the trial balance as at October 31, 2019.