Koch AG 's adjusted trial balance contained the following asset accounts at December 31, 2019 Cash 7,000, Land 40,000, Patents 12,500, Accounts Receivable 90,000, Prepaid Insurance 5,200, Inventory 30,000, Allowance for Doubtful Accounts 4,000, and Trading Securities 11,000 Prepare the current asse...

Current assets Inventory 30000 Prepaid insu ...

Koch AG's adjusted trial balance contained the following asset accounts at December 31, 2019: Cash 7,000, Land

Question:

Koch AG's adjusted trial balance contained the following asset accounts at December 31, 2019: Cash €7,000, Land €40,000, Patents €12,500, €90,000, Prepaid Insurance €5,200, Inventory €30,000, Allowance for Doubtful Accounts €4,000, and Trading Securities €11,000. Prepare the current assets section of the statement of financial position, listing the accounts in the sequence shown in the chapter.
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...