During 2015, Davidson's first year of operations, the following transactions occurred:
•Credit sales of $2,000,000.
•Collections on account of $1,700,000.
•Accounts receivable written off during the year, $5,000.
•Estimated uncollectible accounts, $8,000.
•Accepted a $10,000, one-year, 12% note receivable on June 30.
Required:
Prepare the receivables portion of Davidson's first year operation's balance sheet as of December 31, 2015.

Question

During 2015, Davidson's first year of operations, the following transactions occurred: 
•Credit sales of $2,000,000.
•Collections on account of $1,700,000.
•Accounts receivable written off during the year, $5,000.
•Estimated uncollectible accounts, $8,000.
•Accepted a $10,000, one-year, 12% note receivable on June 30.
Required:
Prepare the receivables portion of Davidson's first year operation's balance sheet as of December 31, 2015.

Quizplus · Accepted Answer

The Answer of During 2015, Davidson's first year of operations, the following transactions occurred: 
•Credit sales of $2,000,000.
•Collections on account of $1,700,000.
•Accounts receivable written off during the year, $5,000.
•Estimated uncollectible accounts, $8,000.
•Accepted a $10,000, one-year, 12% note receivable on June 30.
Required:
Prepare the receivables portion of Davidson's first year operation's balance sheet as of December 31, 2015.

During 2015, Davidson's First Year of Operations, the Following Transactions