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Prepare the current assets section of the balance sheet

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Question - During its first year of perations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of these receivables will become uncollectible.

a. Prepare the journal entry to record the estimated un-collectibles

b. Prepare the current assets section of the balance sheet for Henley Company. Assume that in addition to the receivables it has cash of $90,000, merchandise inventory of $130,000, and prepaid expenses of $7,5000.

Reference no: EM131809233

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