Solution-Prepare the current assets section of the balance

Prepare the current assets section of the balance sheet

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Reference no: EM13511757

During its first year of operations, 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 uncollectibles.

(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 $7,500.

Reference no: EM13511757

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Prepare the current assets section of the balance sheet

Reference no: EM13511757

Reference no: EM13511757

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