48. Queen Company began the current year with accounts receivable of P1,000,000 and allowance fordoubtful accounts of P80,000.During the current year, the following events occurred:Accounts written off120,000500,0003,000,000Cash SaleSales on accountDoubtful account expense recognizedAt the end of the current year, the entity showed a balance in accounts receivable of P1,680,000.200,000Under cash basis, what amount should be reported as sales?а. 2,700,000b. 2,200,000с. 3,500,000d. 3,320,000

Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…

48. Queen Company began the current year with accounts receivable of P1,000,000 and allowance for doubtful accounts of P80,000. During the current year, the following events occurred: Accounts written off 120,000 500,000 Cash Sale Sales on account 3,000,000 Doubtful account expense recognized At the end of the current year, the entity showed a balance in accounts receivable of P1,680,000. 200,000 Under cash basis, what amount should be reported as sales? a. 2,700,000 b. 2,200,000 c. 3,500,000 d. 3,320,000

48. Queen Company began the current year with accounts receivable of P1,000,000 and allowance for doubtful accounts of P80,000. During the current year, the following events occurred: Accounts written off 120,000 500,000 Cash Sale Sales on account 3,000,000 Doubtful account expense recognized At the end of the current year, the entity showed a balance in accounts receivable of P1,680,000. 200,000 Under cash basis, what amount should be reported as sales? a. 2,700,000 b. 2,200,000 c. 3,500,000 d. 3,320,000

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 12E: Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120...

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