Reference no: EM132668608
Question - At year-end, Harem Company reported accounts receivable of P8,200,000 with the following analysis:
Accounts known to be worthless 100,000
Advance payments on purchase orders 400,000
Advances to subsidiary 1,000,000
Customers' accounts reporting credit balances arising from sales returns (600,000)
Trade accounts receivable 3,500,000
Subscription receivable due in 30 days 2,200,000
Trade installments receivable due 1 - 18 months, including unearned finance charge of P50,000 850,000
Trade accounts receivable from officers, due currently, 150,000
Trade accounts on which postdated checks are held and no entries were made on receipt of checks 200,000
Required - Show your complete solution. Label every item properly. Compute the correct amount of trade accounts receivable.
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