27.The individual customer accounts of ABC Company at June 30, 20X1 revealed the following data: Customer A, P3,700 with invoice # 34 dated June 7 Customer F, P6,300 with invoice # 20 dated May 3 Customer M, P2,000 with invoice # 29 dated May 28 Customer R, P10,000 with invoice # 16 dated March 31 Customer X, P11,000 with invoice # 40 dated June 17 ABC uses the aging of receivable to account for the uncollectible accounts. Bad debt rates are 2% for 0-30 days; 4% for 31-60 days and 5% for beyond 60 days. Allowance for bad debts, June 1, P1,000 How much is the net realizable amount of accounts receivable at June 30? 34,874 33,000 32,000
27.The individual customer accounts of ABC Company at June 30, 20X1 revealed the following data: Customer A, P3,700 with invoice # 34 dated June 7 Customer F, P6,300 with invoice # 20 dated May 3 Customer M, P2,000 with invoice # 29 dated May 28 Customer R, P10,000 with invoice # 16 dated March 31 Customer X, P11,000 with invoice # 40 dated June 17 ABC uses the aging of receivable to account for the uncollectible accounts. Bad debt rates are 2% for 0-30 days; 4% for 31-60 days and 5% for beyond 60 days. Allowance for bad debts, June 1, P1,000 How much is the net realizable amount of accounts receivable at June 30? 34,874 33,000 32,000
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter10: Accounting For Sales And Cash Receipts
Section: Chapter Questions
Problem 4CE: On March 24, MS Companys Accounts Receivable consisted of the following customer balances: S. Burton...
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27.The individual customer accounts of ABC Company at June 30, 20X1 revealed the following data:
Customer A, P3,700 with invoice # 34 dated June 7
Customer F, P6,300 with invoice # 20 dated May 3
Customer M, P2,000 with invoice # 29 dated May 28
Customer R, P10,000 with invoice # 16 dated March 31
Customer X, P11,000 with invoice # 40 dated June 17
ABC uses the aging of receivable to account for the uncollectible accounts. Bad debt rates are 2% for 0-30 days; 4% for 31-60 days and 5% for beyond 60 days.
Allowance forbad debts , June 1, P1,000
How much is the net realizable amount ofaccounts receivable at June 30?
Customer A, P3,700 with invoice # 34 dated June 7
Customer F, P6,300 with invoice # 20 dated May 3
Customer M, P2,000 with invoice # 29 dated May 28
Customer R, P10,000 with invoice # 16 dated March 31
Customer X, P11,000 with invoice # 40 dated June 17
ABC uses the aging of receivable to account for the uncollectible accounts. Bad debt rates are 2% for 0-30 days; 4% for 31-60 days and 5% for beyond 60 days.
Allowance for
How much is the net realizable amount of
34,874
33,000
32,000
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