Reference no: EM132804237
On December 31, 2020, the accounts receivable control account of Eddie Company had a balance of P8,200,000. An analysis of the accounts receivable account showed the following:
Subscription receivable due in 30 days 2,200,000
Advance payments to creditors on purchase orders 400,000
Advances to affiliated companies 1,000,000
Interest receivable on bonds 400,000
Trade accounts receivable - unassigned 2,000,000
Customers' accounts reporting credit balances arising from sales returns ( 600,000)
Trade accounts receivable - assigned (Finance Company's equity in assigned accounts is P500,000) 1,500,000
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 post-dated checks are held (no entries were made on receipt of checks) 200,000
Accounts known to be worthless 100,000
Total 8,200,000
Question 1: The correct balance of trade accounts receivable on December 31, 2020 is
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