After the accounts are adjusted at the end of the fiscal year, Accounts Receivable has a balance of $475,000 and Allowance for Doubtful Accounts has a negative balance of $46,800. Describe how Accounts Receivable and Allowance for Doubtful Accounts are reported on the balance sheet
Darshita Changed status to publish August 13, 2020
Here amount can be shown as net amount as under
=475,000 – $46,800
=428500
This will shown under the head of current assets
So the Accounts Receivable are reported on the balance sheet as net amount of 428500
| Current Assets | ||
| Account recivable | 475000 | |
| Less: Allowance for doubt ful account | 46800 | |
| Net account recivable | 428200 |
Darshita Changed status to publish August 13, 2020
