The following information from Jumbo Company's first year of operations is to be used in treating the accuracy of Accounts Receivable. The December 31, 2021 balance is P 360,000. A. Collection from customers, P 720,000. B. Merchandise purchased, P 980,000 C. Ending merchandise inventory, P 235,000. D. Goods sell at 50% above cost. E. All sales are on account. Required: 1. Compute the balance that Accounts Receivable should show. 2. Determine the amount of any shortage or overage.

The following information from Jumbo Company's first year of operations is to be used in treating the accuracy of Accounts Receivable. The December 31, 2021 balance is P 360,000. A. Collection from customers, P 720,000. B. Merchandise purchased, P 980,000 C. Ending merchandise inventory, P 235,000. D. Goods sell at 50% above cost. E. All sales are on account. Required: 1. Compute the balance that Accounts Receivable should show. 2. Determine the amount of any shortage or overage.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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