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ABC Incorporated
ABC Incorporated
ABC Company is engaged in small export business. The company maintains limited records. Most of the
company’s transactions are summarized in a cash journal; non-cash transactions are recorded by making memorandum entries. The following are extracted from the company’s records:
- Accounts receivable 370,000 increase
- Notes receivable 200,000 decrease
- Accounts payable 150,000 decrease
- Notes payable – trade 200,000 increase
- Notes payable bank 300,000 increase
- Sales returns (P50,000 was refunded) 80,000
- Sales discounts 20,000
- Purchase returns (P30,000 was refunded) 80,000
- Purchase discounts 35,000
- Accounts written-off 60,000
- Recovery of accounts written off 18,000
- Cash sales 300,000
- Cash purchases 250,000
- Cash received from account customers 1,500,000
- Cash payment to trade creditors 1,200,000
Required:
Compute for the balances of these accounts on December 31, 2X20.
• Total gross sales
• Total gross purchases