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AUDIT OF RECEIVABLES 1. The following T-account summarizes the transactions affecting the accou
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receivable of Charry Company for 19x6: ot vocc,a,vy) Ale", 1,44,4" ig 0.4.4Cer-Accounts Receivable Beginning balance after deducting credit balances of P 3,000 Charge sales Charge for goods out on consignment -,,s.i-0-`‘.13 cad_ SS I'll.• I 9
written off but recovered customer for the 1 credit balance on contract co ntract Claim against common carr
for shipping damages-010.1-‘',*0-44A. 1,500 1, IOUs from employees -64..6 .W.1,6.1.1.644 500 °A C advance to affiliate 10,0001c Advance to supplier - (kAvo..4.4. 5,000-K 4_ P53,000 625,000 5,000 )( 0 000 A 1,000 / Collections on carrier car rier dawns Collection on subscription 15,000fd
t' Collections from customers, -4amsivitat.coot. including overpayment of P5,000 — P620,000 Write
1E4 h a. a. ..4.4;* *-meire.it 3,500 64,44 Pik Merchandise returns 2,500' Allowance to customers *A dama9es Pe2,5001- 15,000 x ectsk 100 AIR Required: Compute for the correct balance of accounts-receivable. its Sc( ,..Sto
2, You were given t he following data Scribd relative to your audit of the Accounts Re ceivable of your Master your semester with clien Read Free For 30this Days Sign up to31, vote on title Demo, Inc. for the year ended_ December 31, 19x6: a. The December 19x6 debit balancein the & The New York Times Not useful Useful Accounts Receivable P197,000. The only entries in the Bad Debts expense account were: 1. Decemb Cancel anytime.
Special offer for19x6 students: Only $4.99/month. credit entry of P324. This is the remittance of4ustomer AkDemo has previously written off thi
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Debit Credit
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P1,508 P9,850 Balance P 3,658 aog- 1,5Ze 2,150e)IXe 12,000c 3,4,s1
may'2%= - Ni aging schedule of the accounts receivable as of December 31, 19x6 including some fin are shown in the table below: Amount to which the Allowance is to be Net Debit adjusted after Adjustments and Aqe Balance corrections have been made 0-1 month P93,240 1 percent 1-3 months 76,820 2 percent 3-6 months 22, 180 3 ercent,L)4 Over 6
months 6,000 Definitely)uncollectibles are P1,000-0' P2,000 is considered 50% uncollectible; Si.. Ict ,p10 the remainder is estimated to be 80% collectible
There is a credit balance of P2,000 n the account re ceivable (0-1 month); it represents an advance o sales contract.
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Also, therei is a credit balance of P500Unlock in onefull ofaccess the 1-3 months accounts receivable for which with a free trial. merchandise will be accepted by the customer.
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The ledger accounts have not been closed as of December 31, 19x6. The Accounts Receivable contr accounts is not in agreement with t he subsidiary ledger. The difference cannot be located, and the
auditor decides to adjust the control to the total of the subsidiaries ledger after corrections are ma Required: Compute for the adjusted balances of A ccounts Receivable and Allowance for doubtful Master your semester with Scribd Read Free Foron 30this Days accounts as of the end of the year. Sign up to vote title & The New York Times Useful Not useful ReSA: The Review School of Aaxiuntoncy Page 8 of 9 Special offer for students: Only $4.99/month.
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this type at April 1, 2005 was 12%. The present value factor of 1 for two periods at 12% is 0.797 wh
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the present value factor of ordinary annuity of 1 for two periods at 12% is 1.690.
d. A tract of land was sold by the corporation to WHITE CO. on July 1, 2008, for P3,000,000, under a
installment sale contract. White signed a 4 -year 11% note for P2,100,000 on July 1, 2008, in additio
the down payment of P900,000. The e qual annual payments of principal and interest on the note w P67 ,875 payable on July 1, 2 009, 2010, 2,011, and 2012 . The land had an established cas price of
P3,000,000, and its cost to the corporation was P2,250,000. The collection f the installments on thi is reasonably assured. of Anir,v fort evi ifkkg.-
V • 1. How much is the total noncurrent notes receivables as of De cember 31, 2008? a. 6,778,200 b
4,832,325 c. 5,278,200 d. 4,875,363 k 2. How much is the total- current portion of long-term notes
receivable as of December-31, -- -2008? a. 1,945,875 b. 2,176,875 c. 1,500,000 d. 0 P`` 3. What is th
accrued interest receivable as of December 31, 2008? a. 385,500 b. 428,538 c. 270,000 d. 505,500 ' What is the correct interest income for the year 2008? a. 640,500 b. 818,538 c. 683,538 SOLUTION GUIDE: d. 756,000
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NON CURRENT CURRENT INTEREST RECEIVABLE INTEREST Unlock full access with aNCOME free trial. A. Se,riva,Note,Rece&vaIvie. i•1 st.„14 1,2:0_,90r) • aio coo gio;u0._ o4- col(suRevc. 1 oo ) cob 4 1 7,4 -o - -o - iii,5 -o_ -o - .
Note., Receiyabie. -0 v, Ai„„ *PIXO q30138 - Bea-1444o4/1/08 @ P600,000*.797 . C. Non, With ivitere4t Download Free Trial
P478,200 12/31 A vnor. 4303i Bcact,nce. sm.40-a8 il D. I navantemt itece4A,cavIE. 1%640 (#45+1-6 1,1Sft_ 11515bb 7/1/08 P676,875 A ittA.,-rt (9..51t BalaAlze, ity_54g73 Total/ AlliliTTAIC. PRAM FMC — recs.' Aran DOCPTUActi C.
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