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Journalize all the transaction The adjusted trial balance of Galimuyod Company as of December 31, 2009 shows the following: Additional information: - Cash sales of
Journalize all the transaction
The adjusted trial balance of Galimuyod Company as of December 31, 2009 shows the following: Additional information: - Cash sales of the company represents 10% of gross sales. - 90% of the credit sales customers do not take advantage of the 2/10,n/30 terms. - It is expected that cash discount of PG,000 will he taken on accounts receivable outstanding at December 31, 2010 . - Sales returns in 2010-amounted to P400.n00. All returns were from chaige stts. III -Audir of Recedables - During 2010 , accounts totaling to P44,000 were written of uncoilecibie; bad debi recoveries during the year amounced P3,000. - The allowance for bad debts is adjusted so that it represents certain percentage of the outstanding accounts receivable at year end. The required percentage at December 31,2010 is 150% of the rate used on December 31, 2009. The adjusted trial balance of Galimuyod Company as of December 31, 2009 shows the following: Additional information: - Cash sales of the company represents 10% of gross sales. - 90% of the credit sales customers do not take advantage of the 2/10,n/30 terms. - It is expected that cash discount of PG,000 will he taken on accounts receivable outstanding at December 31, 2010 . - Sales returns in 2010-amounted to P400.n00. All returns were from chaige stts. III -Audir of Recedables - During 2010 , accounts totaling to P44,000 were written of uncoilecibie; bad debi recoveries during the year amounced P3,000. - The allowance for bad debts is adjusted so that it represents certain percentage of the outstanding accounts receivable at year end. The required percentage at December 31,2010 is 150% of the rate used on December 31, 2009Step by Step Solution
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