Question
The following data are obtained from the single entry record records kept by Kara Company for 2019: December 31 January 1 Notes receivable 1,200,000 400,000
The following data are obtained from the single entry record records kept by Kara Company for 2019: December 31 January 1 Notes receivable 1,200,000 400,000 Accounts receivable 2,000,000 1,600,000 The cash book revealed the following receipts: Accounts receivable (after sales discounts of P100,000) 3,000,000 Notes receivable 960,000 Cash sales 800,000 Rent income 80,000 Sale of equipment costing P200,000 and book value of P100,000 120,000 Investment 600,000 Accounts receivable of P120,000 were written off as uncollectible, returns of P320,000 were made on merchandise sales and an allowance of P80,000 was received on merchandise purchases.
What was the amount of gross sales for 2019 under accrual basis?
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