Reference no: EM132844428
Problem -
1. On October 31, 2020, KTA Co. engaged in the following transactions: [1] Obtained a P500,000, 6-month loan from City Bank, discounted at 12%. The company pledged P500,000 of accounts receivable (A/R) as security for the loan. [2] Factored P1,000,000 of A/R without recourse on a non-notification basis to JRM Co. which charged a factoring fee of 2% of A/R factored and withheld 10%% of the A/R factored. What is the total cash received from the financing of receivables?
2. On Dec. 31, 2019, TIGASIN Co. has allowance for doubtful accounts of P4,000. Each month, TIGASIN Co. makes interim provision for bad debts equal to 1% of credit sales. During 2020, total credit sales are P1,000,000 and P16,000 of accounts receivable is written off. Aging of A/R at December 31, 2020 indicates that an allowance of P20,000 should be provided for doubtful accounts as of that date. How much is the total amount of debit or total amount of credit in the adjusting entry (if there is any) to be made on Dec. 31, 2020?
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