PROBLEMA On December 31, 2014, the following balances were obtained from the balance sheet of Poknat Co.: Accounts Receivable P 450,000 Allowance for Doubtful Accounts 22,500 Transactions during 2015: 1. Sales on account, 2/10,n/60 P5,200,000 2. Collections net of 2% discount 4,116,000 3. Accounts assigned on a notification basis 400,000 -Terms: Cash advance of 80% less a 3% service charge on the gross accounts assigned. An interest of 18% per annum is to be paid on the unpaid balance at the end of each month. -On December 31, 2015, after one month from the assignment, Poknat received information from the bank that P200,000 of the assigned accounts were collected less a 2% discount. 4. Accounts factored on December 15, 2015 200,000 Terms: Poknat received 80% of the factored accounts, less 2% discount and 5% commission. The sales discount is not subject to reduction for returns or writeoffs. 5. Sales returns (including P10,000 from assigned accounts) P120,000 6. Accounts written off (including P20,000 from factored accounts) 50,000 REQUIRED: A1. Give the journal/adjusting entry to record sales on account, P5,200,000 A2. Give the journal/adjusting entry to record collection (net of 2% discount), P4,116,000. A3. Give the journal/adjusting entry to record assignment of accounts receivable, P400,000 A4. Give the journal/adjusting entry to record notes payable-bank. A5. Give the journal/adjusting entry to record collection by the bank of P200,000 assigned accounts less 2% discount A6. Give the journal/adjusting entry to record accounts receivable factored. A7. Give the journal/adjusting entry to record sales returns A8. Give the journal/adjusting entry to record accounts written off. A9. Give the journal/adjusting entry to record doubtful accounts expense. The company uses percentage of accounts receivable. For items A10 to A16, supply the missing figures in the December 31, 2015 partial balance sheet: Current Assets: Trade and Other Receivables Accounts Receivable [A10] Accounts Receivable - Assigned [A11] Total [A12] Less: Allowance for Doubtful Accounts [A13] [A14] Receivable from Factor [A15) Current Liability: Notes Payable-Bank [A16]