The December 31, 2019 statement of financial position of Help Company included the following information: 598,000 (380,000) Notes receivable Less: NR discounted P 218,000 Accounts receivable Less: Allow. for D.A. Total receivables P2,240,000 ( 141,000) 2,099,000 P2,317,000 The following transactions occurred during 2020: P8,812,000 8,410,000 Sales on account Collections on accounts Accounts receivable written off as uncollectible Notes receivable collected Customer notes received in payment of accounts receivable Notes receivable discounted paid at maturity Notes receivable discounted defaulted, including interest of P200 and a P100 fee. This 1. 2. 3. 138,000 290,000 4. 5. 740,000 6. 360,000 7. amount is expected to be collected in 2021 Proceeds from customer notes discounted (face value P450,000, accrued interest income, P2,000) Collections on accounts previously written off Sales returns and allowances Required allowance for doubtful accounts based on impairment assessment at year end 20,300 8. 448,500 9. 5,000 20,000 10. 11. 12,000

The December 31, 2019 statement of financial position of Help Company included the following information: 598,000 (380,000) Notes receivable Less: NR discounted P 218,000 Accounts receivable Less: Allow. for D.A. Total receivables P2,240,000 ( 141,000) 2,099,000 P2,317,000 The following transactions occurred during 2020: P8,812,000 8,410,000 Sales on account Collections on accounts Accounts receivable written off as uncollectible Notes receivable collected Customer notes received in payment of accounts receivable Notes receivable discounted paid at maturity Notes receivable discounted defaulted, including interest of P200 and a P100 fee. This 1. 2. 3. 138,000 290,000 4. 5. 740,000 6. 360,000 7. amount is expected to be collected in 2021 Proceeds from customer notes discounted (face value P450,000, accrued interest income, P2,000) Collections on accounts previously written off Sales returns and allowances Required allowance for doubtful accounts based on impairment assessment at year end 20,300 8. 448,500 9. 5,000 20,000 10. 11. 12,000

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 15P: Comprehensive Receivables Problem Blackmon Corporations December 31, 2018, balance sheet disclosed...

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