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Question - EEE Company sells new automobiles. A new Escapade costing P700,000 was sold on October 1, 2020 for P1,060,000. A used Toyota Revo was accepted as down payment and an allowance of P300,000 was accepted on the trade in. The balance is payable in 36 equal monthly installments of P25,500 starting November 1, 2020. The interest rate is 10%. EEE anticipates selling price on reconditioned automobile of P350,000 after reconditioning it for P50,000. Selling costs equal to 5% of selling price is also anticipated. The gross profit for reconditioned automobile is expected to be 20%.
a. Determine the Revenue to be recognized in 2020.
b. Determine the Balance of Trade in Item Account.
c. Determine the Net income to be recognized in 2020.
d. Determine the Entries to record the transactions in 2020.
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