1.Walkaway Company started business at the beginning of current year. The entity established an allowance for bad debts estimated at 5% of credit sales. During the year, the entity had written off P25,000 of uncollectible accounts. Analysis of the accounts showed that merchandise purchased in the current year amounted P4,500,000 and ending merchandise inventory was P750,000. Goods were sold at 40% above cost. Sales on account amounted to 80% of total sales. Total collections from customers, excluding cash sales amounted toP3,000,000.

What is the balance of Accounts Receivable at year end?

2.Barney Company operates in an industry that has a high rate of bad debts.On December 31, 2019, before any year-end adjustments, the accounts receivable balance was P20,000,000 and its allowance for doubtful accounts balance was P1,500,000.The year-end balance reported for the allowance for doubtful accounts is based on the following schedule:

Time OutstandingAccounts ReceivablePercent Uncollectible

Under 30 daysP10,000,0005%

31-180 days5,000,000 10%

181-360 days3,000,00030%

More than one year2,000,000100%

The accounts which have been outstanding for more than one year and 100% uncollectible would be written off immediately.What should be the doubtful accounts expense for the year ended December 31, 2019?

3.The following accounts were abstracted from Manchester Company's unadjusted trial balance on December 31, 2019:

Debit Credit

Accounts Receivable 5,000,000

Allowance for doubtful accounts 40,000

Net Credit Sales 20,000,000

Manchester estimates that 3% of the net sales will become uncollectible. What amount should be recognized as doubtful accounts expense for 2019?

4.All of Urdaneta Company's sales are on a credit basis.The following information is available for 2019:

Allowance for doubtful accounts, 1/1/20191,000,000

Sales 22,000,000

Sales returns 2,000,000

Accounts written off as uncollectible600,000

Recovery of accounts written off 200,000

Urdaneta provides for doubtful accounts expense at the rate of 10% of net sales.At December 31, 2019, the allowance for doubtful accounts balance should be___________

5.The following data relate to accounts receivable of Jay Company for 2019:

Accounts Receivable, January 10, 2019 650,000

Credit Sales 2,700,000

Sales returns 75,000

Accounts written off 40,000

Collections from customers 2,150,000

Estimated future sales returns at Dec. 31, 2019 50,000

Estimated uncollectible accounts at Dec 31 per aging 110,000

What amount should Jay report as net realizable value of Accounts Receivable on December 31, 2019?

6.ABAKADA Company had the following information relating to its accounts receivable for the year 2019:

Accounts receivable - January 1P12,000,000

Credit sales20,000,000

Collection from customers, excluding the recovery of

accounts written off 17,000,000

Accounts written off as worthless300,000

Sales returns1,000,000

Recovery of accounts written off100,000

Estimated future sales returns on December 31400,000

Estimated uncollectible accounts on December 31, per aging1,000,000

ABAKADA Company should report the December 31, 2019 accounts receivable, before allowance for sales returns and uncollectible accounts, at _____________

7.Mill Company's allowance for doubtful accounts was P1,000,000 at the end of 2019 and P900,000 at the end of 2018. For the year ended December 31, 2019, Mill reported doubtful accounts expense of P160,000 in its income statement. What amount did Mill debit to the appropriate account in 2019 to write off uncollectible accounts?_________________

8.On March 1, 2020, ABC Co. assigned its P1,000,000 accounts receivable to Piggy Bank in exchange for a 2-month, 12% loan equal to 75% of the assigned receivables.ABC Co. received the loan proceeds after a 2% deduction for service fee based on the assigned notes.During March, P500,000 were collected from the receivables.Sales returns and discounts amounted to P150,000.How much net cash is received from the assignment transaction on March 1, 2020?

9.Walkaway Company started business at the beginning of current year. The entity established an allowance for bad debts estimated at 5% of credit sales. During the year, the entity had written off P25,000 of uncollectible accounts. Analysis of the accounts showed that merchandise purchased in the current year amounted P4,500,000 and ending merchandise inventory was P750,000. Goods were sold at 40% above cost. Sales on account amounted to 80% of total sales. Total collections from customers, excluding cash sales amounted toP3,000,000.

What is the balance of Allowance for Doubtful Accounts are year end?

10.The following accounts were abstracted from Manchester Company's unadjusted trial balance on December 31, 2019:

Debit Credit

Accounts Receivable 5,000,000

Allowance for doubtful accounts 40,000

Net Credit Sales 20,000,000

Manchester estimates that 3% of the gross accounts receivable will become uncollectible. What amount should be recognized as doubtful accounts expense for 2019?