Determine the accounts receivable as of December 31, 2020.

Debit
1. Accounts Receivable 2,623,800.00
Sales
2. Cash 2,523,000
Accounts Receivable
3. Accounts Receivable 41,400
Allowance for Doubtful Accounts
4. Accounts Receivable 1,500
Bad Debt Expense
5. Accounts Receivable 6,000
Sales Return and allowances
6. Doubtful accounts expense 39,357
Allowance for doubtful accounts

TOTAL ACCOUNTS RECEIVABLE 149,700

Credit

2,623,800.00

2,523,000

41,400

1,500

6,000

39,357
  How much accounts receivable is expected to be reflected in the statement of financial position assum

NET METHOD
1. Sale of merchandise for P20,000, terms 3/10,n/60
Accounts receivable (20,000x97%)
Sales
2. Assume collection is made within the discount period
Cash
Accounts receivable
3. Assume collection is made beyond the discount period
Cash
Accounts receivable
Sales Discount Forfeited

Sale of merchandise
Less: Sale Discount (20,000x 3%)
Accounts receivable
19,400
19,400

19,400
19,400

20,000
19,400
600

20,000
600
19,400
How much cash will be collected from the customer if the settlement was made January 6, 2021?

FOB Destination and Freight Collect

Account Receivable
Sales

Freight Out
Allowance for freight change

Cash
Sales Discount
Allowance for freight change
Account Receivable

Cash (93,000x9)
100,000
100,000

5,000
5,000

93,000
2,000
5,000
100,000

837,000
What total amount should be reported as current trade and other receivables? 

Accounts Receivable 2,000,000

Allowance for doubtful accounts (100000.00)
Claim Receivable 300,000
Sales 300,000
Security Deposit 200,000
Total current trade and other recivable 2,400,000.00
What is the Accounts Receivable balance as of December 31, 2020?

Net realizable value 895,000

Less: Allowance for doubtful expense 271,000
Uncollectible Accounts 35,400
Accounts Receivable Balance, End 659,400
 What amount of Doubtful Accounts Expense should be recognized for the year ended December 3

CURRENT
1-30 days past due
31-60 days past due
61-90 days past due
over 90 days past due

What amount of Doubtful Accounts Expense should be recognized for the year ended December 31

CURRENT
1-30 days past due
31-60 days past due
61-90 days past due
over 90 days past due
se should be recognized for the year ended December 31, 2020?  

GROSS CARRYING AMOUNT DELIQUENCY RATE REQUIRED ALLOWANCE

7,500,000 0.15% 11,250
3,750,000 0.80% 30,000
2,000,000 1.80% 36,000
1,250,000 3.30% 41,250
500,000 5.30% 26,500
15000000 145000

e should be recognized for the year ended December 31, 2021?  *

GROSS CARRYING AMOUNT DELIQUENCY RATE REQUIRED ALLOWANCE

8,000,000 0.25% 20,000
4,000,000 0.90% 36,000
2,500,000 1.90% 47,500
1,750,000 3.50% 61,250
750,000 5.50% 41250
17000000 206000

ALLOWANCE FOR DOUBTFUL ACCOUNTS

0 145000 BEGINNING
0 0
0 145,000
61,000 Additional Allowances
206,000 Required Allowances, End
 The company’s accounts receivable under “61-90 days” category should b

CUSTOMER BALANCE, DEC. 31,2020 0-30 DAYS

A 35,180 14,000
B 20,920
C 30,600 20,000
D 45,140
E 31,600 31,600
F 17,400
180840 65600

How much is the required allowance for doubtful accounts to be presented in the Statement of Financial P

BALANCE, DEC. 31,2020 RATE

0-30 days past due 65,600 1%
31-60 days past due 44,320 1.50%
61-90 days past due 32,600 3%
91-120 days past due 12,000 10%
over 120 days past due 26,320 50%
180,840

How much is the doubtful accounts expense for 2020? 

ALLOWANCE FOR DOUBTFUL ACCOUNTS
BEGINNING 5,500 0
0 0
5,500 0
5,500 22,159
16659
nder “61-90 days” category should be how much?

31-60 DAYS 61-90 DAYS 91-120 DAYS OVER 120 DAYS

21,180
12,000 8,920
10,600
23,140 22,000

17,400
44320 32600 12000 26320

ented in the Statement of Financial Position as of December 31, 2020

REQUIRED ALLOWANCE
656
665
978
1200
13160
16659

s expense for 2020? 

NCE FOR DOUBTFUL ACCOUNTS

Additional Allowances
Required Allowances, End