Selected accounts from Bennett Co.’s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company’s balance sheet. Prepaid rent . $ 1,000 Accounts payable. $2,500 Accounts receivable. 10,000 Allowance for doubtful accounts. 500 Cash . 12,000 Notes payable (due in 10 years). 6,000 Total equity. 18,000 Notes receivable (due in 4 years) . 4,000

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Selected accounts from Bennett Co.’s adjusted trial balance for the year ended December 31 follow.
Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable
on the company’s balance sheet. Prepaid rent . $ 1,000 Accounts payable. $2,500
Accounts receivable. 10,000 Allowance for doubtful accounts. 500
Cash . 12,000 Notes payable (due in 10 years). 6,000
Total equity. 18,000 Notes receivable (due in 4 years) . 4,000

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