December 31, 2021, a typhoon damaged a warehouse of Iceman Corporation. The entire company and many accounting records stored in the warehouse were completely destroyed. Although the Inventory was not Insured, a portion could be sold for scrap. Through the use of microfilmed records, the following data were gathered: Inventory, January 1, P450,000; Purchases, P2,160,000; Cash sales, P273,600; Amount of account receivable collected, P2,520,000; Accounts receivable-January 1; P210,000; Accounts written off, P9,600; Recovery of accounts writ
On December 31, 2021, a typhoon damaged a warehouse of Iceman Corporation. The entire company and many accounting records stored in the warehouse were completely destroyed. Although the Inventory was not Insured, a portion could be sold for scrap. Through the use of microfilmed records, the following data were gathered: Inventory, January 1, P450,000; Purchases, P2,160,000; Cash sales, P273,600; Amount of account receivable collected, P2,520,000;
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