REA LEE JOY U. PIDO
a. RAV, INC.
Accounts receivable P 337,000
Sales on account 1,500,000
Cash received from customers (1,600,000)
Cash discounts allowed: (82,0 + 98%) x 2% 18,000
(495,000 + 99%) X 1% 5,000 (23,000)
Recovery of accounts written off 3,000
Accounts written off worthless (11,000)
Credit memoranda for sales returns (6,000)
Accounts receivable, December 31, 2013 P 200,000
Allowance for uncollectible accounts 12,000
Recovery of accounts written off 3,000
Accounts written off as worthless (11,000)
Impairment loss on receivables 15,000
Allowance for uncollectible accounts, December 31, 2013 P 19,000
accounts receivable 1,500,000
sales 1,500,000
cash 1,600,000
accounts receivable 1,600,000
cash 882,000
sales discount 18,000
accounts receivable 900,000
cash 495,000
sales discount 5,000
accounts receivable 500,000
a. RAV, INC.
Accounts receivable P 337,000
Sales on account 1,500,000
Cash received from customers (1,600,000)
Cash discounts allowed: (82,0 + 98%) x 2% 18,000
(495,000 + 99%) X 1% 5,000 (23,000)
Recovery of accounts written off 3,000
Accounts written off worthless (11,000)
Credit memoranda for sales returns (6,000)
Accounts receivable, December 31, 2013 P 200,000
Allowance for uncollectible accounts 12,000
Recovery of accounts written off 3,000
Accounts written off as worthless (11,000)
Impairment loss on receivables 15,000
Allowance for uncollectible accounts, December 31, 2013 P 19,000
accounts receivable 1,500,000
sales 1,500,000
cash 1,600,000
accounts receivable 1,600,000
cash 882,000
sales discount 18,000
accounts receivable 900,000
cash 495,000
sales discount 5,000
accounts receivable 500,000
