The trial balance of MINGYU SERVICES shows an accounts receivable balance of P275,500 and P7,850,000 revenues on December 31, 2021. The following errors were discovered by the accountant while preparing for the financial statements. • Collected and recorded an account of a customer for P5,000 but was posted to the accounts receivable edger as P50,000 • Services rendered valued atP10,000 to a customer on account was not accrued • Services performed to a customer on account amounting P500 was recorded in the accounts payable account How much is the correct accounts receivable account? Blank 1
The trial balance of MINGYU SERVICES shows an accounts receivable balance of P275,500 and P7,850,000 revenues on December 31, 2021. The following errors were discovered by the accountant while preparing for the financial statements. • Collected and recorded an account of a customer for P5,000 but was posted to the accounts receivable edger as P50,000 • Services rendered valued atP10,000 to a customer on account was not accrued • Services performed to a customer on account amounting P500 was recorded in the accounts payable account How much is the correct accounts receivable account? Blank 1
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter5: Accounting Systems
Section: Chapter Questions
Problem 2E: Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer...
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