Reference no: EM132315236

Question

The balances of selected accounts taken from January 1, 2018 Statement of Financial Position of Del Company were as follows:

Accounts Receivable P2,500,000

Allowance for Doubtful Accounts 60,000

The following summary of transactions affecting Accounts Receivable during the year ended December 31, 2018:

Sales on all account (2/10, 1/15, n/30) P7,935,000

Cash received from customers 8,000,000

The cash received includes the following:

Customer paying within the 10-day discount period 4,410,000

Customer paying within the 15-day discount period 2,475,000

Recovery of accounts written-off 15,000

Customers paying beyond the discount period ?

Accounts written-off as worthless 55,000

Credit memoranda for Sales Return 30,000

1. The Accounts Receivable balance on December 31, 2018 is _____________________

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