1. Cash Basis Accounting Problem 1. The following transactions affecting the accounts receivable of WON Inc. took place during the year, ended December 31,2010: Sales Sales discount Cash received from cash customers Accounts receivable written off as worthless Credit memo issued to credit customers for sales returns Cash refunds given to cash customers for sales returns Recoveries on accounts receivable written off as uncollectible as uncollectible in prior periods (not included in cash amount stated above) The following balances were taken from the January 1,2010 Statement of Financial Position: Accounts Receivable 950,000 Allow. For Bad Debts 100,000 The entity provided for bad debt expense by crediting allowance for bad debts in the amount of 70,000 for the year. The net realizable value of Accounts Receivable on December 31,2010 is P1,100,000. What is the cash basis revenue for the year ended December 31,2010?