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Question - The following balances below shows the existence of the accounts receivable balances as at December 31, 2020 of WYNONA COMPANY. The accountant has decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. Perpetual inventory method should be used in accounting for the inventory.
Name of Customer
Balance Per Books
Comments From Customers
Audit Findings
Annie
P150,000
P90,000 was returned on December 30, 2020. Correct balance as is P60,000.
Returned goods were received December 31, 2020.
Oniate
P30,000
Your CM representing price adjustment dated December 28, 2020 cancels this.
The CM was taken up by Wynona Company in 2021.
Jacobe
P144,000
You have overpriced us by P150. Correct price should be P300.
The complaint is valid.
Lasco
P112,500
We received the goods only on January 6, 2021.
Term is shipping point. Shipped in 2020.
Pascua
P135,000
Balance was offset by our December shipment of your raw materials.
Wynona Company credited accounts payable for P135,000 to record purchases. Pascua is a supplier.
Required -
a. Assuming the necessary adjusting journal entry is made regarding customer Annie, the net income will decrease/increase by?
b. What is the effect on 2020 net income of Wynona Company of its failure to record the Credit Memo involving transaction with Oniate?
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