What the net carrying amount of accounts receivable

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Problem -

1. During the year, Kiner Company made an entry to write off a P4,000 uncollectible account. Before this entry was made, the balance in accounts receivable was P50,000 and the balance in the allowance account was P4,500. What the net carrying amount of accounts receivable after the write-off entry?

a. P45,500

b. P41,500

c. P49,500

d. P50,000

2. If a petty cash fund is established in the amount of P2,500, and contains P1,500 in cash and P950 in receipts for disbursements when it is replenished, the journal entry to record replenishment should include credits to the following accounts

a. Petty Cash, P750

b. Cash, P950; Cash Over and Short, P50

c. Petty Cash, P1,000

d. Cash, P1,000

Reference no: EM132907963

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