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

question 135

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.

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Definitions:

Type B Personality

A character type marked by a calm, tolerant, and laid-back attitude.

Pessimistic Outlook

A tendency to see the worst aspect of things or believe that the worst will happen; a lack of hope or confidence in the future.

Stressor

A chemical or biological agent, environmental condition, external stimulus, or an event that causes stress to an organism.

Problem-focused Coping

A coping strategy that involves directly tackling a stressful situation by finding solutions to resolve the underlying problem.