Selected accounts from Bennett Company's adjusted trial balance for the year ended December 31 follow. $ 1,700 Accounts payable 13,500 19,000 8,500 19, 200 Prepaid rent Accounts receivable Cash Common stock Retained earnings Current assets Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the company's balance sheet. Total current assets Long-term investments Total assets BENNETT COMPANY Balance Sheet December 31 Assets Current liabilities Allowance for doubtful accounts Notes payable (due in 10 years) Notes receivable (due in 4 years) Liabilities $ 3,200 900 6,400 4,000

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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.