3. The following data were reported by Son Goku Company during the current year:Accounts receivable – January 1P 100,000Accounts receivable – December 31150,000Notes receivable – January 1210,000Notes receivable – December 31120,000Advances from customers – January 140,000Advances from customers – December 3155,000Sales returns and allowance3,000Sales discount1,000Uncollectible accounts written off during the current year4,000Recoveries of accounts previously written off – Sales500,000 What is the gross sales under the cash basis accounting? (no peso sign, no comma, whole number only)

Cash basis of accounting is that basis of accounting in which only cash receipts and cash payments…

Answered: 3. The following data were reported by…

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 5EB: Catherines Cookies has a beginning balance in the Accounts Receivable control total account of...

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3. The following data were reported by Son Goku Company during the current year:

Accounts receivable – January 1	P 100,000
Accounts receivable – December 31	150,000
Notes receivable – January 1	210,000
Notes receivable – December 31	120,000
Advances from customers – January 1	40,000
Advances from customers – December 31	55,000
Sales returns and allowance	3,000
Sales discount	1,000
Uncollectible accounts written off during the current year	4,000
Recoveries of accounts previously written off	–
Sales	500,000