Acc101 – Test on Receivables
Show your promoting computations in good type. Encircle the final solution.
Problem one particular
For the entire year ended December 31, 2009, Colt Co. estimated the allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available:
Permitting for uncollectible accounts, 1/1/09P51, 000
Supply for uncollectible accounts during 2009
(2% on credit rating sales of P2, 000, 000)40, 500
Uncollectible accounts written off, 11/30/0946, 1000
Estimated uncollectible accounts every aging, 12/31/0969, 000 After year-end modification, the uncollectible accounts expense for 2009 should be _________.
The following information pertains to Acacia, Inc. pertaining to the year concluded December 31, 2009: Credit sales during 2009
P3, 450, 000
Collection of accounts written off in prior periods
Useless accounts created off last year
Allowance pertaining to doubtful accounts, Jan. 1, 2009
Acacia, Inc. provides for doubtful accounts based on you ½% of credit sales.
What is the balance of the allowance for skeptical accounts for December 31, 2009?
The adjusted trial balance of Galimuyod Organization as of Dec 31, 2009 shows the subsequent balances:
Accounts receivable – P1, 1000, 000
Permitting for money owed – P40, 000
Cash revenue of the organization represents 10% of gross sales.
90% in the credit revenue customers usually do not take advantage of the 2/10, n/30 terms. It is predicted that money discount of P6, 500 will be considered on accounts receivable excellent at Dec 31, 2010. Sales returns in 2010 amounted to P400, 000. All returns had been from fee sales. During 2010, accounts totaling to P44, 500 were crafted off while uncollectible, poor debt recoveries during the year amounted to P3, 000. The allowance for bad debts is definitely adjusted so that it represents number of the excellent accounts receivable at season – end. The required percentage at December 31, 2010...