ACCOUNT Insurance Expense DATE ITEM ACCOUNT Supplies Expense DATE ITEM POST. REF. POST. REF. DEBIT DEBIT ACCOUNT NO. CREDIT BALANCE CREDIT DEBIT ACCOUNT NO. BALANCE DEBIT 520 CREDIT 540 CREDIT
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Fill in the blank ledgers using the completed worksheet.
![ACCOUNT Insurance Expense
DATE
ITEM
ACCOUNT Supplies Expense
DATE
ITEM
POST.
REF.
POST.
REF.
DEBIT
DEBIT
ACCOUNT NO.
CREDIT
BALANCE
CREDIT
DEBIT
ACCOUNT NO.
BALANCE
DEBIT
520
CREDIT
540
CREDIT](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F71f6fecc-f270-4274-8050-646232ec73a3%2F9c1a3a67-4226-4d2b-9f63-aec9c4b9701d%2F7sxsrsi_processed.png&w=3840&q=75)
![Account Title
Cash
Petty Cash
Accounts receivable
Supplies
Insurance
Accounts payable
Ray Brown, Capital
Ray Brown, Drawings
Income Summary
Sales
Advertising expense
Insurance expense
Miscellaneous expense
Supplies expense
Utilities expense
Net Income
$
$
S
$
$
S
S
Trial Balance
$
Debit
21,980.00
300.00
6,250.00
12,100.00
3,600.00
S 2,530.00
7,000.00
780.00
5,560.00
Credit
$ 1,100.00
$ 10,000.00
$ 49,000.00
Browns plumbing and heating
For the fiscal period
Ending December 31st, 20xx
$
$
Debit
Adjustments
2,700.00
6,500.00
Credit
$
6,500.00
$ 2,700.00
Income Statement
Debit
$
2,530.00
$
$
2,700.00
780.00
$ 6,500.00
S 5,560.00
$
30,930.00
Credit
$ 49,000.00
$
$
S
$
S
$
Balance Sheet
Debit
21,980.00
300.00
6,250.00
5,600.00
900.00
7,000.00
Credit
$ 1,100.00
$
10,000.00
$
$ 42,030.00 $
30,930.00
42,030.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F71f6fecc-f270-4274-8050-646232ec73a3%2F9c1a3a67-4226-4d2b-9f63-aec9c4b9701d%2Fhtnim22_processed.png&w=3840&q=75)
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