Problem 4-2 (IAA) Credible Company provided the following T-account summarizing the transactions affecting the accounts receivable for the current year: Jan. 1 balance Charge sales Shareholders' subscriptions Deposit on contract Claims against common carrier for damages Accounts Receivable 6,000,000 Writeoff 600,000 Collections from customers 5,300,000 IOUS from employees Cash advance to affiliates Advances to a supplier 35,000 Merchandise returns 200,000 Allowances to customer 120,000 for shipping damages 25,000 Collections on carrier claims 40,000 50,000 100,000 Collection on subscriptions 10,000 100,000 50,000 40,000 Required: a. Compute the correct amount of accounts receivable. b. Prepare one compound entry to adjust the accounts receivable. c. Compute the amount to be presented as "trade and other receivables" under current assets. d. Indicate the classification and presentation of the other items.

What is the solution to the question I uploaded

See photos

Compute for the Day Sales Outstanding of Company X and Y. Compare each other. Use 360 days.   Company X Company Y Accounts Receivables P452,100 P233,200 Annual Sales P3,205,100 P1,956,200

answer all with complete work

Chapter 8 Questions to practice BE8-1 Presented below are three recei\ailes transactions. Indicate whether these recei\. ables are reported as accounts recei\able, notes recei\-able, or other receivables on a state- ment of6nancial position. (a) Sold merchandise on account forW64,000,000 to a customer. (b) Received a promissory note ofW57,000,000 for senicn perfonned. (c) Ad\-anced W8,000,000 to an employee.

Problem 4-9 (AICPA Adapted) Jinx Company provided the following information for the current year in relation to accounts receivable: Accounts receivable, January 1 Credit sales Sales return Accounts written off Collections from customers Estimated future sales return on December 31 Estimated uncollectible accounts per aging at year-end 1,300,000 5,500,000 150,000 100,000 5,000,000 50,000 250,000 What amount should be reported as net realizable value of accounts receivable on December 31? a. 1,550,000 b. 1,250,000 c. 1,300,000 d. 1,500,000

Problem 4-10 (AICPA Adapted) Rapture Company had the following information for eurrent year relating to accounta receivable: 13000 50000 4.750.000 125.000 Accounts receivable, January 1 Credit eales Collectiona from customers, excluding recovery Accounta written off Collection of accounta written off in prior year. customer credit waa not reestablished Eatimated uncollectible receivables per aging at December 31 25.000 165 000 What is the balance of accounta receivable, before allowane for doubtful accounts, on December 317 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000

Problem 1 The following summarizes the transactions recorded in the Accounts receivable – trade account of Pratt Corporation: Accounts Receivable – Trade Balance forwarded, net of P9,000 credit balance Charge sales .... Charge for consignment sales Shareholders' subscriptions Receipts from customers, including overpayment of P10,000 106,000 1,250,000 | Write offs ... 25,000 Merchandise returns 1,240,000 7,000 5,500 60,000 Allowance to customers for Recovery of previous write-offs Refunds to customers with credit balances ... 5,000 5,000 | Collection on subscription 50,000 shipping damages Collections on carrier claims 3,000 2,000 45,000 Deposit on contract Claim against common carrier for shipping damages IOUS from employees Cash advances to affiliate Advances to supplier 5,000 1,000 50,000 10,000 Audit notes: a) It was ascertained that half of the adjusted outstanding accounts receivable – trade balance are still currently collectible. The term of sale is 5/30, n/60. Based on past…

Problem 20 On December 31, 2020, the accounts receivable control account of Eddie Company had a balance of PS,200,000. An analysis of the accounts receivable account showed the following: Subscription receivable due in 30 days Advance payments to creditors on purchase orders Advances to affiliated companies Interest receivable on bonds Trade accounts receivable - unassigned Customers' accounts reporting credit balances arising from sales returns Trade accounts receivable - assigned (Finance Company's equity in assigned accounts is P500,000) OMNA Trade installments receivable due 1-18 months, including unearned finance charge of P50,000 Trade accounts receivable from officers, due currently Trade accounts on which post-dated checks are held (no entries were made on receipt of checks) Accounts known to be worthless Total 2,200,000 400,000 1,000,000 400,000 2,000,000 ( 600,000) 1,500,000 850,000 150,000 200,000 100,000 8,200,000 The correct balance of trade accounts receivable on December…