Problem #01-22: RECEIVABLES & RELATED REVENUESCustomerBalance, 12/31/21Invoice...

Question

Problem #01-22: RECEIVABLES & RELATED REVENUES
    Custome
    Balance, 12/31/21
    Invoice Date
    Amount
    A
    P40,000
    12/06/21
11/29/21
    P15,000
25,000
    B
    20,500
    09/27/21
08/20/21
    12,000
8,500
    C
    30,600
    12/08/21
10/25/21
    20,000
10,600
    D
    45,000
    11/17/21
10/09/21
    32,000
13,000
    E
    32,000
    12/17/21
12/02/21
    17,000
15,000
    F
    17,500
    09/17/21
    17,500
The estimated bad debt rates below are based on Juan dela Cruz Company’s receivable collection experience:
    Age of Accounts
    Rate
    0 – 30 days
    1%
    31 – 60 days
    1.5%
    61 – 90...

Prince · Accepted Answer

Problem #01-22: RECEIVABLES & RELATED REVENUES
	Customer
	Balance, 12/31/21
	Invoice Date
	Amount
	A
	P40,000
	12/06/21
11/29/21
	P15,000
25,000
	B
	20,500
	09/27/21
08/20/21
	12,000
8,500
	C
	30,600
	12/08/21
10/25/21
	20,000
10,600
	D
	45,000
	11/17/21
10/09/21
	32,000
13,000
	E
	32,000
	12/17/21
12/02/21
	17,000
15,000
	F
	17,500
	09/17/21
	17,500
The estimated bad debt rates below are based on Juan dela Cruz Company’s receivable collection experience:
	Age of Accounts
	Rate
	0 – 30 days
	1%
	31 – 60 days
	1.

Problem #01-22: RECEIVABLES & RELATED REVENUESCustomerBalance, 12/31/21Invoice...

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Customer	Balance, 12/31/21	Invoice Date	Amount
A	P40,000	12/06/21 11/29/21	P15,000 25,000
B	20,500	09/27/21 08/20/21	12,000 8,500
C	30,600	12/08/21 10/25/21	20,000 10,600
D	45,000	11/17/21 10/09/21	32,000 13,000
E	32,000	12/17/21 12/02/21	17,000 15,000
F	17,500	09/17/21	17,500

Age of Accounts	Rate
0 – 30 days	1%
31 – 60 days	1.5%
61 – 90 days	3%
91 – 120 days	10%
Over 120 days	50%