A

EXCELLENT Company reported on December 31, 2021 accounts receivable of

P350,000 and allowance for doubtful accounts of P7,000 before adjustments.

The entity estimated that 5% of accounts receivable may prove uncollectible.

How much should be reported as doubtful accounts expense for the year ended

December 31, 2021?

B.

A

TRUE Company is in the business of renting several apartment buildings and

prepares monthly financial statements. It has been determined that 3 tenants in

P70,000 per month apartments and one tenant in the P30,000 per month

apartment had not paid their August rent as of August 31st. How much is the

rent revenue that should be accrued on August 31?

C.

At the beginning of the year, the balance of Owner's Capital of RIGHT Company

is P700,000 while Owner's Capital at year-end is P900,000. During the year the

company has the following information:

Sales of P1,400,000

Cost of sales of P800.000

Expenses of P250,000

How much is the owner's withdrawal during the year?