Question
1. S91 From the following alphabetical list of adjusted account balances, prepare the current assets section of Versi-Vista Berries September 30, 2020, balance sheet. Use
1. S91 From the following alphabetical list of adjusted account balances, prepare the current assets section of Versi-Vista Berries September 30, 2020, balance sheet. Use a multi-column format, as shown in Exhibit 91. Account Title Debit Credit Accounts receivable 75,000 Allowance for doubtful accounts 2,800 Bad debt expense 500 Cash 112,000 Farm equipment 122,000 Office supplies 1,200 Prepaid rent 650 2. 1 3. Reporting receivables on the balance sheet 4. Current assets, $186,050
The total I am coming up with for current assets on this is actually 196,050 - not 186050. not sure where I'm going wrong. Below is what I have so far.
| Versi-Vista Berries | ||
| Balance Sheet (partial) - Assets Section | ||
| September 30, 2020 | ||
| Assets | ||
| Current Assets: | ||
| Cash | $ 111,500.00 | |
| Accounts Recieveable | $ 75,000.00 | |
| Less: Allowance for Doubtful accounts | $ 2,800.00 | $ 72,200.00 |
| Farm Equipment | $ 122,000.00 | |
| Office Supplies | $ 1,200.00 | |
| Prepaid Rent | $ 650.00 | $ 123,850.00 |
| Total Assets | $ 196,050.00 | |
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