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

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

n the audit of Pasig Company’s cash account, you obtained the following information: The company’s bookkeeper prepared the following bank reconciliation as of November 30, 2018: Bank balance – November 30, 2018  P90,800Undeposited collections  5,000Bank service charges  100Bank collection of customer’s note  (8,000)Outstanding checks:    NumberAmount  7159P3,000  77675,000  79152,000 (10,000)Book balance – November 30, 2018  P77,900 Additional data are given as follows: a.    Company recordings for December:Total collections from customersP165,000Total checks drawn98,000 b.    Bank statement totals for December :ChargesP123,800Credits169,000 c.    Check no. 7159 dated November 25, 2018, was entered as P3,000 in payment of a voucher for P30,000.  Upon examination of the checks returned by the bank, the actual amount of the check was P30,000. d.    Check no. 8113 dated December 20, 2018 was issued to replace a mutilated check (no.7767), which was returned by the payee.  Both checks were recorded in the amount drawn, P5,000, but no entry was made to cancel check no. 7767. e.    The December bank statement included a check drawn by Sipag Company for P1,500. f.     Undeposited collections on December 31, 2018 - P8,000. g.    The service charge for December was P150 which was charged by the bank to another client. h.    The bank collected a note receivable of P7,000 on December 28, 2018, but the collection was not received on time to be recorded by Pasig.i.    The outstanding checks on December 31, 2018, were: Check No.AmountCheck No.Amount7767P5,0008910P2,30088561,30089254,100 Based on the above and the result of your audit, determine the adjusted cash balance as of November 30, 2018.Select one:a.P63,800b.P58,800c.P90,800d.P85,800

The following accounts were taken from Cervantes Inc.’s balance sheet at December 31, 2018. DebitCreditAccounts receivableP4,100,000 Allowance for doubtful accounts100,000 Net credit sales P7,500,000 If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2018.Select one:a.P  23,000b.P223,000c.P225,000d.P123,000

Selected information on ABC Company’s accounts receivable is available:Accounts receivable had an opening balance on 1 July 2021 of $68,000. Allowance for doubtful debts had an opening balance on 1 July 2021 of $4,700.During 2021/22, credit sales were $713,600 (including GST) of which $584,700 has already been collected from customers and $3,266 were written off.On 30 June 2022, an “aging of accounts receivable” analysis shows that $5,300 (excluding GST) will probably not be collected.What is the adjusting entry for the bad debts expense?Question 10Answera.DR Bad debts expense $3,880; and CR Accounts receivable $3,880b.DR Allowance for doubtful debts $3,440; and CR Accounts receivable $3,440c.DR Bad debts expense $3,880; and CR Allowance for doubtful debts $3,880d.DR Bad debts expense $3,440; and CR Allowance for doubtful debts $3,440

At the end of its first year of operations, December 31, 2018, Caoayan, Inc. reported the following information: Accounts receivable, net of allowance for doubtful accountsP9,500,000Customer accounts written off as uncollectible during 2018240,000Bad debts expense for 2018840,000 What should be the balance in accounts receivable at December 31, 2018, before subtracting the allowance for doubtful accounts?Select one:a.P10,340,000b.P10,100,000c.P10,580,000d.P  9,740,000