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ITEMS 66 THROUGH 68 ARE BASED ON THE FOLLOWING INFORMATION. The following data was taken from Sotang Hon Convenience Store for the year ended December 31, 2013 before adjustment was prepared Debit P210,000 Credit Accounts Receivable Estimated Uncollectible Accounts P1,000 Details of Accounts Receivable were as follows J. Pong Enterprises P Ponggils A Yos P 30,000 100,000 80,000 Aging of Accounts Receivable revealed the following Collectible rate Receivable as aged J. Pong Enterprises P Ponggils A Yos 99% 1-30 days 15,000 40,000 50,000 98% 95% 31-60 days 10,000 35,000 20,000 61-90 days 5,000 25,000 10,000 66 How much is the required Estimated Uncollectible Account as per aging made? a P3,350 b P4,350 C P5,350 d PI,000 67. The adjusting entry to record the Uncollectible Accounts as of December 31, 2013 is a Uncollectible Accounts Estimated Uncollectible Accounts PL,000 PI,000 b Uncollectible Accounts P3,350 Estimated Uncollectible Accounts c Uncollectible Accounts Estimated Uncollectible Accounts P3,350 P4,350 P4,350 d. Uncollectible Accounts P5,350 Estimated Uncollectible Accounts PS,350 68 The net realizable value of Accounts Receivable is a P209,000 b. P206,650 C P205,650 d. P204,650

ITEMS 66 THROUGH 68 ARE BASED ON THE FOLLOWING INFORMATION. The following data was taken from Sotang Hon Convenience Store for the year ended December 31, 2013 before adjustment was prepared Debit P210,000 Credit Accounts Receivable Estimated Uncollectible Accounts P1,000 Details of Accounts Receivable were as follows J. Pong Enterprises P Ponggils A Yos P 30,000 100,000 80,000 Aging of Accounts Receivable revealed the following Collectible rate Receivable as aged J. Pong Enterprises P Ponggils A Yos 99% 1-30 days 15,000 40,000 50,000 98% 95% 31-60 days 10,000 35,000 20,000 61-90 days 5,000 25,000 10,000 66 How much is the required Estimated Uncollectible Account as per aging made? a P3,350 b P4,350 C P5,350 d PI,000 67. The adjusting entry to record the Uncollectible Accounts as of December 31, 2013 is a Uncollectible Accounts Estimated Uncollectible Accounts PL,000 PI,000 b Uncollectible Accounts P3,350 Estimated Uncollectible Accounts c Uncollectible Accounts Estimated Uncollectible Accounts P3,350 P4,350 P4,350 d. Uncollectible Accounts P5,350 Estimated Uncollectible Accounts PS,350 68 The net realizable value of Accounts Receivable is a P209,000 b. P206,650 C P205,650 d. P204,650

Century 21 Accounting Multicolumn Journal
Century 21 Accounting Multicolumn Journal
11th Edition
ISBN:9781337679503
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
Problem 1AP
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ITEMS 66 TIHROUGH 68 ARE BASED ON THE FOLLOWING INFORMATION. The following data was taken from Sotang Hon Convenience Store for the ycar ended December 31, 2013 before adjustment was prepared Debit P210,000 Credit Accounts Receivable Estimated Uncollectible Accounts P1,000 Details of Accounts Receivable were as follows J. Pong Enterprises P Ponggils A. Yos P 30,000 100,000 80,000 Aging of Accounts Receivable revealed the following Collectible rate Receivable as aged: J. Pong Enterprises P Ponggils A Yos 99% 1-30 days 15,000 40,000 50,000 95% 61-90 days 5,000 25,000 10,000 98% 31-60 days 10,000 35,000 20,000 66 How much is the required Estimated Uncollectible Account as per aging made? a P3,350 b P4,350 C P5,350 d PI,000 67. The adjusting entry to record the Uncollectible Accounts as of December 31, 2013 is a Uncollectible Accounts Estimated Uncollectible Accounts b Uncollectible Accounts Estimated Uncollectible Accounts c Uncollectible Accounts Estimated Uncollectible Accounts PI,000 PI,000 P3,350 P3,350 P4,350 P4,350 P5,350 d. Uncollectible Accounts Estimated Uncollectible Accounts P5,350 68 The net realizable value of Accounts Receivable is a P209,000 b. P206,650 c. P205,650 d. P204.650
Transcribed Image Text:ITEMS 66 TIHROUGH 68 ARE BASED ON THE FOLLOWING INFORMATION. The following data was taken from Sotang Hon Convenience Store for the ycar ended December 31, 2013 before adjustment was prepared Debit P210,000 Credit Accounts Receivable Estimated Uncollectible Accounts P1,000 Details of Accounts Receivable were as follows J. Pong Enterprises P Ponggils A. Yos P 30,000 100,000 80,000 Aging of Accounts Receivable revealed the following Collectible rate Receivable as aged: J. Pong Enterprises P Ponggils A Yos 99% 1-30 days 15,000 40,000 50,000 95% 61-90 days 5,000 25,000 10,000 98% 31-60 days 10,000 35,000 20,000 66 How much is the required Estimated Uncollectible Account as per aging made? a P3,350 b P4,350 C P5,350 d PI,000 67. The adjusting entry to record the Uncollectible Accounts as of December 31, 2013 is a Uncollectible Accounts Estimated Uncollectible Accounts b Uncollectible Accounts Estimated Uncollectible Accounts c Uncollectible Accounts Estimated Uncollectible Accounts PI,000 PI,000 P3,350 P3,350 P4,350 P4,350 P5,350 d. Uncollectible Accounts Estimated Uncollectible Accounts P5,350 68 The net realizable value of Accounts Receivable is a P209,000 b. P206,650 c. P205,650 d. P204.650
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