Question
Aquino Services billed P1,200,000 for services to clients on account and had expenses of P500,000 on account.Accounts receivable had a beginning balance of P120,000 and
Aquino Services billed P1,200,000 for services to clients on account and had expenses of P500,000 on account.Accounts receivable had a beginning balance of P120,000 and ending balance of P80,000.
How much cash did Aquino collect on accounts receivable and what type of entry to such was made?
P740,000; credit
P1,240,000; credit
P1,240,000; debit
P740,000; debit
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Principles of Accounting
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
12th edition
978-1133603054, 113362698X, 9781285607047, 113360305X, 978-1133626985
