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During 2015, Davidson's First Year of Operations, the Following Transactions

question 22

Essay

During 2015, Davidson's first year of operations, the following transactions occurred:
∙ Credit sales of $2,000,000.
∙ Collections on account of $1,700,000.
∙ Accounts receivable written off during the year, $5,000.
∙ Estimated uncollectible accounts, $8,000.
∙ Accepted a $10,000, one-year, 12% note receivable on June 30.
Required:
Prepare the receivables portion of Davidson's first year operation's balance sheet as of December 31, 2015.


Definitions:

Agonist

A chemical or drug that binds to receptors in the body and activates them to produce a biological response.

Stimulates

To encourage something to grow, develop, or become active.

Pharmacodynamic

The branch of pharmacology concerned with the effects of drugs and the mechanism of their action in the body.

Capsules

Small, typically cylindrical, dosage forms designed to encapsulate medicines for oral administration, aiding in ease of consumption and absorption.

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