The December 31, 2017, statement of financial position of the UPAT Company included the

following information:

Accounts Receivable P672,000

Less: Allow. for credit loss ( 42,300) P629,700

Notes Receivable* 65,400

Total Receivables P695,100

*The company is contingently liable for discounted notes receivable of P114,000.

During the year ending December 31, 2018, the following transactions occurred:

Sales on credit P2,623,800

Collections of accounts receivable 2,523,000

Accounts receivable written off as uncollectible 41,400

Notes receivable collected 87,000

Customer notes received in payment of accounts receivable 216,000

Notes receivable discounted that were paid at maturity 108,000

Notes receivable discounted that were defaulted, 6,075

including interest of P60 and a P15 fee. This amount

is expected to be collected during 2019

Proceeds from customer notes discounted with recourse 135,225

(principal P135,000, accrued interest, P600)

Collections on accounts previously written off 1,500

Sales returns and allowances (on credit sales) 6,000

Increase in allowance for credit loss 39,357

Based on the preceding information, determine the balances of the following accounts at

December 31, 2018.

1. Accounts receivable

a. P473,718

b. P509,400

c. P513,975

d. P515,475

2. Allowance for credit loss

a. P39,357

b. P40,800

c. P40,857

d. P41,757

3. Notes Receivable

a. P59,400

b. P194,400

c. P200,400

d. P329,400

4. Notes receivable discounted

a. P114,000

b. P120,000

c. P129,000

d. P135,000