Receivables on the balance sheet OBJ. 7 List any errors you can find in the following partial balance sheet:

Napa Vino Company Balance Sheet December 31, 2016 Assets Current assets:

Cash $ 78,500 Notes receivable $ 300,000 Less interest receivable 4,500 295,500 Accounts receivable $1,200,000 Plus allowance for doubtful accounts 11,500 1,211,500