At year-end, Harem Company reported accounts receivable of P8,200,000 with the following analysis: Accounts known to be worthless Advance payments on purchase orders Advances to subsidiary Customers' accounts reporting credit balances arising 100,000 400,000 1,000,000 ( 600,000) 3,500,000 2,200,000 from sales returns Trade accounts receivables Subscription receivable due in 30 days Trade installments receivable due 1-18 months, Including unearned finance charge of P50,000 Trade accounts receivable from officers, due currently Trade accounts on which postdated checks are held and No entries were made on receipt of checks What is the correct balance of trade acCounts receivable? 850,000 150,000 200,000
At year-end, Harem Company reported accounts receivable of P8,200,000 with the following analysis: Accounts known to be worthless Advance payments on purchase orders Advances to subsidiary Customers' accounts reporting credit balances arising 100,000 400,000 1,000,000 ( 600,000) 3,500,000 2,200,000 from sales returns Trade accounts receivables Subscription receivable due in 30 days Trade installments receivable due 1-18 months, Including unearned finance charge of P50,000 Trade accounts receivable from officers, due currently Trade accounts on which postdated checks are held and No entries were made on receipt of checks What is the correct balance of trade acCounts receivable? 850,000 150,000 200,000
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter7: Receivables And Investments
Section: Chapter Questions
Problem 7.6E
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