Please provide explanation and solution. Thank you
Besoluck company has sales of P480,000 and P450,000 for September and October respectively. Of the total Sales, 75% are on account. In addition, 1% of credit sales are returned and 20% of credit customers avail of a 2% discount. The company is able to collect 40% of credit sales in the month of sales and 60% is collected in the following month. During October, the company has written off P20,000 of worthless accounts but had collected P13,000 from an account previously written off. The company uses, 10% percent of receivables for estimating doubtful accounts. What amount is debited to doubtful accounts expense if the balance of the allowance for doubtful accounts on Oct 1 is P235050? * Your answer Epsilon Corporation has unadjusted cash in bank balances of P1,000,000 and P900,000 at the beginning and end of the month, respectively. Book debits totaled P1,800,000. An analysis with recent bank statements showed deposits in transit of P350,000 at the start of the month, deposits in transit of P220,000 at the end of the month, outstanding checks of P80,000 at the beginning of the month, and outstanding checks of P70,000 at the end of the month. Credit memos were P200,000 last month while it is P50,000 for this month. Bank service charge totaled P30,000 last month. A P120,000 customer check deposited this month was returned by the bank due to insufcient fund. How much is the unadjusted total bank credit for the month? * Your answer ABC Corporation is preparing its bank reconciliation for the month of April. The bank statement showed and ending balance of P500,000. collection of a customer note by the bank of P100,000, bank service charge of P10,000, and an erroneous bank debit of P5,000 which it immediately corrected within the month. The cash in bank balance per ledger is P400,000. You determined that the entity recorded a P50,000 check payment as P5,000. What is the correct cash in bank balance? * Your answer Laudy company provided the following aging of receivables: Days outstanding Amount % of Collectible 30 days or less 3,000,000 95% 31-60 days 1,500,000 80% 61-180 days 1,200,000 75% 181-365 days 900,000 50% More than one year 100,000 0% The beginning balance of the allowance for doubtful accounts at the start of the year was 15% of the Accounts receivable at year-end before any adjustments. During the year, the company had written off customer accounts amounting to P150,000. If the company reported doubtful accounts expense at P195,000, how much was the recovery from accounts that were previously written off?Your review of NIC Corporation financial statements revealed the following information: Reconciled balance in BDO checking account P 19,607 Reconciled balance in BPI checking account (4,020) Balance in MBTC savings account 287,500 Treasury Bonds maturing in 10 months 300,000 Petty cash fund 5,000 Postage stamps 1,000 Employees' IOU 1,250 Employees' travel advances 16,400 Cash on hand (undeposited sales receipts) 31,094 Manager's check received from a customer - PNB 6,000 Customer's postdated check 2,904 What amount should be reported as cash on Nic's Statement of Financial Position? Your
