How much is amount of accounts receivable to be recorded, Accounting Basics

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How much is amount of accounts receivable to be recorded

Problem

On September 15, 2020, Tala Company bought merchandise from Araw Company amounting to P60,000 (VAT exclusive). Terms 2/10, n/30. FOB shipping point, freight collect (Transportation cost shouldered by the buyer, freight collect means transportation is paid by buyer). Freight cost amounted to P1,000. How much is the amount of Accounts Receivable to be recorded on the date of sale? Both companies are using the periodic inventory method and are VAT registered business.

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Accounting Basics: How much is amount of accounts receivable to be recorded

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Accounting Basics: How much is amount of accounts receivable to be recorded

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