The adiusted trial balance data given below is from Cameron White Company's worksheet for the year ended December 31, 20X1. The balance of the Notes Payable account consists of notes that are due within a year. The mortgage extends for more than a year. The ending capital for the period from the statement of owner's equity is $64,710. ADJUSTED TRIAL BALANCE ACCOUNT NAME DEBIT CREDIT Cash $ 8,500 Petty Cash Fund Notes Receivable 180 2,800 14,300 Accounts Receivable Allowance for Doubtful Accounts Merchandise Inventory $ 1,900 59,000 530 Office Supplies Prepaid Insurance 2,700 8,800 36,000 Land Building Accumulated Depreciation - Store Equipment Accumulated Depreciation Office Equipment Accumulated Depreciation Notes Payable-Short-Term Accounts Payable Interest Payable Mortgage Payable Building 7,800 7,300 - Store Equipment 3,300 5,300 - Office Equipment 2,300 13,300 17,300 800 34,000 Prepare a classified balance sheet as of December 31, 20X1. (Be sure to list the accounts in order of their liquidity. Input all amount as positive values.)
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.
![The adjusted trial balance data given below is from Cameron White Company's worksheet for the year ended December 31, 20X1. The
balance of the Notes Payable account consists of notes that are due within a year. The mortgage extends for more than a year. The
ending capital for the period from the statement of owner's equity is $64,710.
ADJUSTED TRIAL BALANCE
ACCOUNT NAME
DEBIT
CREDIT
Cash
$ 8,500
Petty Cash Fund
Notes Receivable
180
2,800
14,300
Accounts Receivable
Allowance for Doubtful Accounts
$ 1,900
Merchandise Inventory
Office Supplies
Prepaid Insurance
59,000
530
2,700
8,800
36,000
Land
Building
Accumulated Depreciation
Store Equipment
Accumulated Depreciation
Office Equipment
Accumulated Depreciation
Notes Payable-Short-Term
Accounts Payable
Interest Payable
Mortgage Payable
Building
7,800
7,300
- Store Equipment
3,300
5,300
Office Equipment
2,300
13,300
17,300
800
34,000
Prepare a classified balance sheet as of December 31, 20X1. (Be sure to list the accounts in order of their liquidity. Input all amount
as positive values.)
CAMERON WHITE COMPANY
Balance Sheet
December 31, 20X1
Assets
Current assets
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