Find amount collected from customers on accounts receivable

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Reference no: EM132825089

Problem 1: Gray Company had an accounts receivable balance of P50,000 on December 31, 2001, and P75,000 on December 31, 2002. The company wrote off P20,000 of accounts receivable during 2002, and collected P3,000 on an account written off in 2000. Sales for the year 2002 totaled P620,000. All sales were on account. The amount collected from customers on accounts receivable during 2002, including recoveries, was

Option 1: P578,000.

Option 2: P600,000.

Option 3: P575,000

Option 4: P595,000.

Reference no: EM132825089

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