Homework Help is Here – Start Your Trial Now!
Business
Accounting
The adjusted trial balance of Paolo Co. as of December 31, 2019 shows the following: Debit Credit Php 1,000,000 Account Receivable Allowance for doubtful accounts Php40,000 Additional information: Cash Sales of the company represent 10% of the gross sales. Total sales amount to Php12,000,000. Ninety percent of the customers did not take advantage of the 2/10 n/30 credit sale terms. The total sales value of the accounts receivable collected during the year was Php8,360,000. Allowance for doubtful accounts is measured as follows: % of Ending Balance 60 20 12 5 3 % Uncollectible 2 20 40 60 90

The adjusted trial balance of Paolo Co. as of December 31, 2019 shows the following: Debit Credit Php 1,000,000 Account Receivable Allowance for doubtful accounts Php40,000 Additional information: Cash Sales of the company represent 10% of the gross sales. Total sales amount to Php12,000,000. Ninety percent of the customers did not take advantage of the 2/10 n/30 credit sale terms. The total sales value of the accounts receivable collected during the year was Php8,360,000. Allowance for doubtful accounts is measured as follows: % of Ending Balance 60 20 12 5 3 % Uncollectible 2 20 40 60 90

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...
See similar textbooks
icon
Related questions
Question

1. Accounts receivable balance as of December 31, 2020 
2. Allowance for doubtful accounts as of December 31, 2020 
3. Net realizable value, December 31, 2020 
4. Doubtful accounts expense for 2020 

The adjusted trial balance of Paolo Co. as of December 31, 2019 shows the following: Debit Credit Php1,000,000 Account Receivable Allowance for doubtful accounts Additional information: Cash Sales of the company represent 10% of the gross sales. Total sales amount to Php12,000,000. Ninety percent of the customers did not take advantage of the 2/10 n/30 credit sale terms. The total sales value of the accounts receivable collected during the year was Php8,360,000. Allowance for doubtful accounts is measured as follows: % of Ending Balance 60 Php40,000 20 12 5 3 % Uncollectible 2 20 40 60 90
Transcribed Image Text:The adjusted trial balance of Paolo Co. as of December 31, 2019 shows the following: Debit Credit Php1,000,000 Account Receivable Allowance for doubtful accounts Additional information: Cash Sales of the company represent 10% of the gross sales. Total sales amount to Php12,000,000. Ninety percent of the customers did not take advantage of the 2/10 n/30 credit sale terms. The total sales value of the accounts receivable collected during the year was Php8,360,000. Allowance for doubtful accounts is measured as follows: % of Ending Balance 60 Php40,000 20 12 5 3 % Uncollectible 2 20 40 60 90
Expert Solution
steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS