Reference no: EM132737998
Problem 1: Over the past five years, a company had average annual credit sales of P320,000 and an average annual net write-offs of P2,000. Credit sales in the current year are P500,000. Using the percentage of credit sales method, what should the company record as an estimate of bad debt expense?
a. 2,000
b. 3,125
c. 1,280
d. 1,875
Problem 2: Which of the following is not an essential element of an asset?
a. Arising from past event
b. Expected to provide future economic benefits
c. Must be owned by the business
d. A resource controlled
Problem 3: Under a periodic inventory system, the entry to record a purchase of P60,000, with terms of 2/10, n/30 would include a
a. debit to Purchases Discounts for P1,200.
b. credit to Purchases for P60,000.
c. credit to Accounts Payable for P60,000.
d. debit to Accounts Payable for P58,800.
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