schoolwork1257155 schoolwork1257155

30-06-2024
Business

Answered

Harvest Company has the following December 31 General Ledger Account Balances after adjustments relating to Sales and Receivables:

Sales $31,500 (of which 40% are credit sales still outstanding)
Sales returns and Allowances $1,000
Miscellaneous Receivables $1,212
Allowance for Doubtful Accounts $1,502
Long term Receivables $9,014
Advances to Shareholders and Directors $4,398
Notes Receivables $2,903 (Current Portion)
Bad Debt Expense is estimated as 4% of credit sales

Required 2: Assuming no other transaction happened, what is the adjusted net balance of all current Receivables at December 31st? $

Required 3: Assuming no other transaction happened, what is the adjusted net balance of Accounts Receivables at December 31st? $

Answer :

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