The accounts receivable of FIREFLY COMPANY were stated at P1,467,000 in a balance sheet submitted to a banker for credit. You are called upon to audit the report and, upon analysis, the asset was found to consist of the following items: Due from customers on open P 1,125,000 Acknowledged claim for 22,500 Due from consignee at billed price - cost price being P22,500 account damages company employees contracts subscriptions 30,000 Investment in Loans to Deposits with Unpaid and advances to affiliated 150,000 officers and 13,500 municipalities - 67,500 bids for capital stock 60,000 Advances to creditors for merchandise purchased but not received 24,000 Cash advanced to salesmen for traveling expenses 4,500 Allowance for doubtful accounts (30,000) P1,467,0 00