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q 2-4 Trade and Non-trade Receivables You were assigned to audit the TRADE RECEIVABLES account with a debit balance of P2,000,000 of Red Company for
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2-4 Trade and Non-trade Receivables You were assigned to audit the "TRADE RECEIVABLES" account with a debit balance of P2,000,000 of Red Company for the fiscal year ending June 30, 2020. Subsidiary details revealed the following: 730,000 100,000 300,000 (30,000) 150,000 Trade accounts receivable Trade notes receivable Installment receivable, normally due 1 to 2 years Customers' accounts reporting credit balances arising from sales return Advance payments for purchase of merchandise Customers' accounts reporting credit balances arising from advance payments Cash advance to subsidiary Claim from insurance entity Subscriptions receivable due in 60 days IOUS from employees Accrued interest receivable (20,000) 400,000 15,000 300,000 45,000 10,000 2,000,000 T. Determine the amount to be presented as "Trade and Other Receivables" under current assetsStep by Step Solution
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