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When examining the accounts of Tripoli Company, you ascertain that balances relating to both receivables and payables are included in a single controlling account (called receivables), which has a P23,050 debit balance. An analysis of the details of this account revealed the following: Required: 1. Give the journal entry to eliminate the above account and to set up the appropriate accounts to replace it. 2. How should the items be reported on Tripoli Company's statement of financial position