ABC Incorporated 

Table of Contents

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

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