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Problem 1 The following summarizes the transactions recorded in the Accounts receivable - trade account of Pratt Corporation: Accounts Receivable - Trade Balance forwarded, net of Receipts from customers, P9,000 credit balance 106,000 including overpayment of P10,000 1,240,000 Charge sales .... 1,250,000 Write offs 7,000 Charge for consignment sales 25,000 Merchandise returns 5,500 Shareholders' subscriptions 60,000 Allowance to customers for shipping damages 3,000 Recovery of previous write-offs 5,000 Collections on carrier claims 2,000 Refunds to customers with credit balances 5,000 Collection on subscription 45,000 Deposit on contract .... 50,000 Claim against common carrier for shipping damages 5,000 IOUS from employees 1,000 Cash advances to affiliate 50,000 Advances to supplier 10,000 Audit notes: a) It was ascertained that half of the adjusted outstanding accounts receivable - trade balance are still currently collectible. The term of sale is 5/30, n/60. Based on past experience, a 25% of customers whose accounts are still current normally pay within the discount period. b) 30% of the adjusted accounts receivable - trade is 60 days past due and is expected to be only 90% collectible. c) 20% of the adjusted accounts receivable - trade balance is more than 120 days past due and is expected to be 50% collectible. Required: 1) Prepare the necessary adjusting journal entries. 2) What is the correct accounts receivable - trade balance? 3) What is the carrying value of the accounts receivable - trade