Horizon Outfitters Company includes in its trial balance for December 31 an item for Accounts Receivable $789,000. This balance consists of the following items:
|
Due from regular customers |
$523,000 |
|
Refund receivable on prior year’s income |
15,500 |
|
Travel advance to employees |
22,000 |
|
Loan to wholly owned subsidiary |
45,500 |
|
Advances to creditors for goods ordered |
61,000 |
|
Accounts receivable assigned as security |
75,000 |
|
Notes receivable past due plus interest on |
47,000 |
|
Total |
$789,000 |
Illustrate how these items should be shown in the balance sheet as of December 31.