Rebel Company shows a balance of $428,520 in the Accounts Receivable account on December 31, 2014. The

Question:

Rebel Company shows a balance of $428,520 in the account on December 31, 2014. The balance consists of the following.
Installment accounts due in 2015 ....... $ 21,000
Installment accounts due after 2015 ...... 82,000
Overpayments to creditors ........... 10,320
Due from regular customers, of which $40,000 represents
accounts pledged as security for a bank loan .... 261,000
Advances to executives ........... 4,200
Advance to subsidiary company (made in 2014) .. 50,000

Instructions
Illustrate how the information above should be shown on the of Rebel Company on December 31, 2014.

Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that... Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...