Reference no: EM132967043

Question -

Q1) Vanette Company recorded uncollectible accounts expense of P20,000 during 2019. The allowance for uncollectible accounts had a balance of P17,500 on December 31, 2018. During the year 2019, Vanette wrote off P30,500 of uncollectible receivables and recovered P8,050 of uncollectible accounts written off in prior years. How much will be the allowance for uncollectible accounts at December 31?

Q2) On September 1, 2019, CNblue Co. received P1,350,000 3-year note receivable from EXO Bank. The note bears interest at 12% and is payable on maturity date. Interest is payable annually. On this date, the bank's market rate was 11%. The first annual payment for interest was made on September 1, 2020. On December 31, 2019 how much is the interest income should be reported by CNBlue Company?

Q3) Jennie Co. assigned P1,000,000 of accounts receivable to Black Pink Finance Co. as security for a loan of P840,000. Easy charged a 2% commission on the amount of the loan; the interest rate on the note was 10%. During the first month, Jason collected P220,000 on the assigned accounts after deducting P760 of discounts. Jennie accepted returns worth P2,700 and wrote off assigned accounts totaling P7,400. The amount of cash Jennie received from Easy at the time of the transfer was?