27/01/2013
PASAGUTAN NGA ITO :)) PANG-REFRESH SA MGA UTAK NATEN. :))
The financial statements of THE PAPER Company included the following information:
Accounts Receivable, Jan. 1, 2012 = 1,200,000
Allowance for Doubtful Accounts, Jan. 1, 2012 = 60,000
Sales = 8,000,000
Cash collected from customers = 7,000,000
The cash collections included a recovery of P10,000 from a customer whose account has been written off as worthless in 2011. During 2012, it was necessary to recognize doubtful accounts expense of P100,000 and write off worthless customer's accounts of P30,000. On December 1, 2012, a customer settled an account by issuing a 12%, six-month note for P400,000.
1.)What is the Accounts Receivable balance on December 31, 2012?
2.)What is the balance of Allowance for Doubtful Accounts on December 31, 2012?
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