Reference no: EM132781376
Jay & Bee Co., which sells on installment basis, recognizes, at year-end, gross profit based on collections made. Operations data follow:
January 1 December 31
Installment receivable:
2010 P 120,000 P -0-
2011 1,722,300 337,200
2012 -0- 2,050,450
2010 2011 2012
Sales P1,900,000 P2,160,000 P3,010,000
Cost of sales 1,235,000 1,425,600 1,896,300
Problem 1: In 2012, the company repossessed merchandise with a resale value of P8,500 from a customer who defaulted on his payments. The account was incurred for P27,000 in 2011, and P16,000 had been paid prior to the default. As collections are made, the company debits cash and credits the related installments receivable; for defaults, the company debits inventory of repossessed merchandise and also credits the related installment receivable account. The amount of the adjustment on inventory of repossessed merchandise would be:
a. P-0-
b. P2,500
c. P3,740
d. P5,645
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