The general ledger of Grangehill Corporation at December 31, 2018 shows the following balances, all of which are normal: Management estimates the carrying amount of accounts receivable should be $158,000.Instructions
a. Prepare the adjusting entry for bad debts for 2018.
b. Show how the current assets would be presented on the statement of financial position at December 31, 2018.

Question

The general ledger of Grangehill Corporation at December 31, 2018 shows the following balances, all of which are normal:  Management estimates the carrying amount of accounts receivable should be $158,000.Instructions 
a. Prepare the adjusting entry for bad debts for 2018.
b. Show how the current assets would be presented on the statement of financial position at December 31, 2018.

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The Answer of The general ledger of Grangehill Corporation at December 31, 2018 shows the following balances, all of which are normal:  Management estimates the carrying amount of accounts receivable should be $158,000.Instructions 
a. Prepare the adjusting entry for bad debts for 2018.
b. Show how the current assets would be presented on the statement of financial position at December 31, 2018.

The General Ledger of Grangehill Corporation at December 31, 2018