QS 7-20 (Algo) Preparing a balance sheet LO P2, P4, C3 Selected accounts from Bennett Companys adjusted trial balance for the year ended December 31 follow. Prepaid rent $ 2,500 Accounts payable $ 4,000 Accounts receivable 17,500 Allowance for doubtful accounts 1,500 Cash 27,000 Notes payable (due in 10 years) 9,900 Common stock 12,500 Notes receivable (due in 4 years) 4,100 Retained earnings 23,200 Prepare a classified balance sheet. Note: Allowance for doubtful accounts is subtracted from accounts receivable on the companys balance sheet.