The general ledger of Grangehill Corporation at December 31, 2022 shows the following balances, all of which are normal:

Cash

$ 34,000

Inventory

160,000

Prepaid expenses

8,000

Accounts receivable

182,000

Allowance for doubtful accounts

10,000

Management estimates the carrying amount of accounts receivable should be $158,000. Instructions

(a)	Using the worksheet below, prepare the adjusting entry for bad debts for 2022.

(b)	Show how the current assets would be presented on the statement of financial position at December 31, 2022.

clear answer