Reference no: EM133056224
Question - The following data are taken from the accounting records of JING Enterprises during the current year.
Cash sales - gross 500,000 Trade accounts receivable, beg. 600,000
Trade accounts receivable, end 400,000 Trade notes receivable increased by 300,000
Collections on receivables 1,000,000 Sales returns and discounts (inclusive of P5,000 payments to customers) 20,000
Write-offs of accounts receivable 10,000
Recoveries of accounts receivable written-off (included in collections) 4,000
Trade notes receivable discounted (Notes receivable was directly credited) 30,000
What is the amount of net sales under cash basis of accounting?
What is the amount of net sales under accrual basis of accounting?
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