Required: 1. Adjusting journal entries 2. determine the correct account receivable balance

Problem 3.3 The following T-account summarizes the transactions affecting the accounts receivable of Cherry Company for 2019. Accounts Receivable Jan. 1 balance after Collection from customers, deducting credit balance including overpayment of of P3,000 P53,000 P5,000 P620,000 Charge sales 625,000 Write offs 3,500 Charge for goods out on consignment 5,000 | Merchandise returns 2,500 Allowance to customers for Shareholders subscriptions 30,000 shipping damages 1,500 Accounts written off but recovered 1,000 Collection on carrier claims 1,000 Cash paid on customers for Jan. 1 credit balance 2,500 |Collection on subscription 15,000 Deposit on contract 15,000 Claim against common carrier for shipping damages 1,500 IOUs from employees 500 Cash advance to affiliate 10,000 Advance to supplier 5,000 Required: Answer the following question(s) and show your solution. 1. Prepare the adjusting journal entries. 2. Determine the correct accounts receivable balance