Receivables Dr. 2,000,000 at year end

Allowance for doubtful 50,000

 

Subsidiary Details:

Trade Accounts Receivable 775,000

Trade Notes Receivable 100,000

Installments Receivable, normally due 1 to 2 years 300,000

Customers' accounts reporting credit balances arising from sales return (30,000)

Advance payments for purchase of merchandise 150,000

Customers' accounts reporting credit balances arising from advance payments (20,000)

Cash advance to subsidiary 400,000

Claim from insurance entity 15,000

Subscriptions receivable due in 60 days 300,000

Accrued interest receivable 10,000

Total 2,000,000

Required:

a. Compound entry to reclassify receivables account

b. Amount to be presented as "trade and other receivables" under current assets

c. Indicate classification and presentation of other items excluded from "trade and other receivables"

CourseLover

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Status NEW Posted 07 Dec 2017 01:12 PM My Price 10.00

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