Pls answer The allowance for doubtful accounts had a credit balance ofDreamer Company reported the "Receivables" account withProblem 4-1 (IAA)a debit balance of P2,000,000 at year-end.P50,000 on same date.Subsidiary details revealed the following:leTrade accounts receivableTrade notes receivableInstallments receivable, normally due 1 year to two yearsCustomers' accounts reporting creditbalances arising from sales returnAdvance payments for purchase of merchandise775,000100,000300,000( 30,000)150,000adCustomers' accounts reporting creditbalances arising from advance payments .Cash advance to subsidiaryfor( 20,000)400,00015,000300,00010,000Claim from insurance entitySubscriptions receivable due in 60 daysAccrued interest receivable2,000,000Required:a. Prepare one compound entry to reclassify the receivablesaccount.b. Compute the amount to be presented as "trade and otherreceivables" under current assets.c. Indicate the classification and presentation of the otheritems excluded from "trade and other receivables".th

Accounts receivables:- Accounts receivables shows the amount of money which is due to a firm on…

Problem Dreamer Company reported the "Receivables" account with a debit balance of P2,000,000 at year-end. The allowance for doubtful accounts had a credit balance of P50,000 on same date. Subsidiary details revealed the following: Trade accounts receivable Trade notes receivable Installments receivable, normally due 1 year to two years Customers' accounts reporting credit balances arising from sales return Advance payments for purchase of merchandise Customers' accounts reporting credit balances arising from advance payments. Cash advance to subsidiary Claim from insurance entity Subscriptions receivable due in 60 days Accrued interest receivable 775,000 100,000 300,000 ( 30,000) 150,000 ( 20,000) 400,000 15,000 300,000 10,000 2,000,000 Required: L Prepare one compound entry to reclassify the receivables account. . Compute the amount to be presented as “trade and other receivables" under current assets. -Indicate the classification and presentation of the other items excluded from "trade and other receivables".

Problem Dreamer Company reported the "Receivables" account with a debit balance of P2,000,000 at year-end. The allowance for doubtful accounts had a credit balance of P50,000 on same date. Subsidiary details revealed the following: Trade accounts receivable Trade notes receivable Installments receivable, normally due 1 year to two years Customers' accounts reporting credit balances arising from sales return Advance payments for purchase of merchandise Customers' accounts reporting credit balances arising from advance payments. Cash advance to subsidiary Claim from insurance entity Subscriptions receivable due in 60 days Accrued interest receivable 775,000 100,000 300,000 ( 30,000) 150,000 ( 20,000) 400,000 15,000 300,000 10,000 2,000,000 Required: L Prepare one compound entry to reclassify the receivables account. . Compute the amount to be presented as “trade and other receivables" under current assets. -Indicate the classification and presentation of the other items excluded from "trade and other receivables".

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 25E

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