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Problem 4-14 (LAA) Aroma Company used the net price method of accounting for cash discounts. In one of its transactions on December 26 2021, the entity sold merchandise with a list price of P5,000,000 to a customer who was given a trade discounts of 20%, 10% and 5%. Credit terms were 4/10, n/30. The goods were shipped FOB destination, freight collect. Total freight charge paid by the customer was P100,000. On December 27, 2021, the customer returned damaged goods originally billed at P500,000. What amount should be reported as net realizable value of the accounts receivable on December 31, 2021? a. 3,420,000 b. 2,920,000 C. 2,703,200 d. 2,803,200 Problem 4-15 (AICPA Adapted) On June 1, 2021, Pitt Company sold merchandise with a list price of P5,000,000 to Burr on account. Pitt allowed trade discounts of 30% and 20%. On June 11, 2021, the customer paid in full. Credit terms were 2/10, n/30 and the sale was made FOB shipping point. Pitt prepaid P200,000 of delivery costs for Burr as an accommodation. 1. What amount should be reported as sales revenue? a. 5,000,000 b. 2,800,000 c. 3,500,000 d. 2,500,000 2. What amount was received by Pitt from Burr as remittance in full? a. 2,744,000 b. 2,940,000 c. 2,944,000 d. 3,140,0001. Trade receivables are classified as current assets if reasonably expected to be collected a. Within one year. b. Within the normal operating cycle. c. Within one year or within the operating cycle, whichever is shorter. d. Within one year or within the operating cycle, whichever is longer. 2. Nontrade receivables are classified as. current assets only if reasonably expected to be realized in cash a. Within one year or within the operating cycle, whichever is shorter. b. Within one year or within the operating cycle, whichever is longer. c. Within the normal operating cycle. d. Within one year, the length of the operating cycle notwithstanding 3. Credit balances in accounts receivable are classified as a. Current liabilities b. Part of accounts payable c. Long term liabilities d. Deduction from accounts receivable 4. Which of the following does not change the balance in accounts receivable? a. Return on credit sales b. Collection from customers C. Bad debt expense adjusting entry d. Writeoff 5. Which is recorded by a credit to accounts receivable? a. Sale of inventory on account b. . Estimating the allowance for doubtful accounts c. Estimating annual sales returns d. Writeoff of accounts receivable6. Which accounting principle primarily supports the use of allowance for doubtful accounts? a. Continuity principle b. Full disclosure principle c. Matching principle d. Conservatism 7. Why is the allowance method preferred over the direct writeoff method of accounting for bad debts? a. Allowance method is used for tax purposes b. Estimates are used c. Determining worthless accounts under direct writeoff method is difficult to do d. Improved matching of bad debt expense with revenue 8. The entry debiting accounts receivable and crediting allowance for doubtful accounts would be made when a. A customer pays an account balance. b. A customer defaults on the account c. A previously defaulted customer pays the balance. d. Estimated uncollectible accounts are too low. 9. In recording cash discounts related to accounts receivable, which is more theoretically correct? a. Net method b. Gross method C. Allowance method d. All three methods are theoretically correct 10. All of the following are problems associated with the measurement of accounts receivable, except a. Uncollectible accounts b. Returns c. Cash discounts under the net method d. Allowance granted