The following data are related to Accounts Receivable and the recorded Allowance for Doubtful Accounts of...

 

Transcribed Image Text:

The following data are related to Accounts Receivable and the recorded Allowance for Doubtful Accounts of Tubig Marka ni Mark Recopying Center, owned and managed by Julie Arroyo: P50,000 P49,000 Compute the amount that will be charged in each of the following assumptions to Doubtful Accounts Expense and prepare the appropriate journal entry assuming: Accounts Receivable Allowance for Doubtful Accounts Net Realizable Value 1,000 1. The allowance should be increased by P5,000. 2. The balance of the valuation account should be increased to P5,000. 3. The balance of the valuation account should be brought up to 10% of the outstanding Accounts Receivable. 4. The balance of the valuation account should be increased by 10% of the outstanding Accounts Receivable. 5. Doubtful accounts to be recognized during the current accounting period is P6,000. The following data are related to Accounts Receivable and the recorded Allowance for Doubtful Accounts of Tubig Marka ni Mark Recopying Center, owned and managed by Julie Arroyo: P50,000 P49,000 Compute the amount that will be charged in each of the following assumptions to Doubtful Accounts Expense and prepare the appropriate journal entry assuming: Accounts Receivable Allowance for Doubtful Accounts Net Realizable Value 1,000 1. The allowance should be increased by P5,000. 2. The balance of the valuation account should be increased to P5,000. 3. The balance of the valuation account should be brought up to 10% of the outstanding Accounts Receivable. 4. The balance of the valuation account should be increased by 10% of the outstanding Accounts Receivable. 5. Doubtful accounts to be recognized during the current accounting period is P6,000.

Answer rating: 100% (QA)

1 Doubtful Accounts Expense 5000 Allowance for Doubtful Accounts 5000 ... View the full answer