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Vic Vivar started business on January 1, 2019. His ledger on December 31, 2019, among others showed: Accounts receivable P125,650 Sales 367,280 Sales returns and

Vic Vivar started business on January 1, 2019. His ledger on December 31, 2019, among

others showed:

Accounts receivable P125,650

Sales 367,280

Sales returns and allowances 3,180

Bad debts provided for 2019 was 3% of net sales. During 2020, sales amounted

P460,700 out of which P3,700 were returned by the customers. Cash received from

customers amounted to P235,112.50, of which P132,112.50, after 21/2 percent discount,

pertains to 2020 sales.

Of the 2019 accounts, P1,500 are worthless.

Bad debts provision for 2020 is 2% of net sales.

Required: all entries should have an explanation (To record sales computed as follows: Etc.)

a) Entries to record sales in 2019, including its subsequent collection.

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