Compute for the balances of these accounts on December 31, 2020

Total Gross Sales xx

Total Gross Purchases xx

Accounts Receivable P 370,000

Accounts Written off 60,000
Sales Returns (130,000)
Sales Discount (20,000)
Recovery of accounts written off (18,000) (168,000)
P 262,000
Cash received from accounts
customers 1,500,000
Total Credit Sales 1,762,000
Cash Sales 300,000
GROSS SALES P 2,062,000

Cash payment P 250,000

Cash purchases 1,200,000
Note payable- Trade 200,000
P 1,650,000
Accounts Payable (150,000)
Purchase Discount (35,000)
Purchase Return (80,000) (265,000)
GROSS PURCHASES 1,385,000

01 ELMS ACTIVITY 2