Jim Carrie Company shows a balance of $181,140 in the Accounts Receivable account on December 31, 2008.

Question:

Jim Carrie Company shows a balance of $181,140 in the Accounts Receivable account on December 31, 2008. The balance consists of the following.

Installment accounts due in 2009 ...... $23,000

Installment accounts due after 2009 ...... 34,000

Overpayments to creditors .................... 2,640

Due from regular customers, of which $40,000 represents

accounts pledged as security for a bank loan ... 79,000

Advances to employees ........... 1,500

Advance to subsidiary company (made in 2003) . 81,000

Instructions

Illustrate how the information above should be shown on the balance sheet of Jim Carrie Company on December 31, 2008.

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