How much is the Doubtful accounts expense for 2019?A. 47,000B. 62,000C. 63,500D. 65,000 What is the net amount of Accounts Receivables to be presented in the audited financial statements?A. 873,000B. 886,500C. 900,000D. 1,000,000 In your audit of the December 31, 2019 financial statement of Ivy Inc., your cut-off working paper showed thefollowing sales transactions posted in Accounts Receivable ledger for 2019:DR No.DateSales Amount12/28/201912/29/201912/31/20191/3/20201/3/2020385194,8003,6003852038521385226,0003,0007,20038523Additional information:a. DR No. 38519 represents goods delivered to consignee. The goods remain unsold as at year-end.b. Sales terms are FOB Shipping Point.c. The Accounts receivable account shows an unadjusted balance of P1,000,000 as of December 31, 2019.d. Management and auditor agreed to write-off P15,000 of accounts receivable and that the balance of theallowance should be 10% of the adjusted accounts receivables.The Allowance for Doubtful Account shows a January 1, 2019 balance of P50,000. No entries were madeto adjust the account for the year 2019.е.

goods delivered to consignee not represents sales, hence not part of receivables.

How much is the Doubtful accounts expense for 2019? A. 47,000 B. 62,000 C. 63,500 D. 65,000 What is the net amount of Accounts Receivables to be presented in the audited financial statements? A. 873,000 B. 886,500 C. 900,000 D. 1,000,000

How much is the Doubtful accounts expense for 2019? A. 47,000 B. 62,000 C. 63,500 D. 65,000 What is the net amount of Accounts Receivables to be presented in the audited financial statements? A. 873,000 B. 886,500 C. 900,000 D. 1,000,000

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 8P

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