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Maganium Company began the current year with the following: Accounts Receivable 1,100,000 Allowance for doubtful accounts 80,000 During the current year, the following events occured:
Maganium Company began the current year with the following:
Accounts Receivable 1,100,000
Allowance for doubtful accounts 80,000
During the current year, the following events occured:
Accounts written off 120,000
cash sales 500,000
sales on account 3,000,000
bad debt expense recognized 200,000
At the end of the current year, the entiry showed a balance in accounts receivable of P1,380,000 before the allowance for doubtful accounts. Under the cash basis, what amount should be prepared as sales for the current year
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