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During its first year of operations, Bendy Ltd had credit sales of $3,000,000, out of which $600,000 remained uncollected at year-end. The credit manager estimates that $40,000 of these receivables will become uncollectable.
Problem i) Provide the journal entry to record the estimated un collectables. (Assume the allowance account has an unadjusted balance of nil.)
Problem ii) Provide the current assets section of the Balance Sheet for Bendy Ltd, assuming that in addition to the receivables it has cash of $90,000, inventory for the period of $130,000, and prepaid expenses of $13,000.
Problem iii) Briefly explain the difference between an account receivable and a note receivable.
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