From the adjusted trial balance below, prepare a classified balance sheet in report format as at June 30, 2020.                   Adjusted trail balance Accounts unadjusted Adjustments Adjusted   DR CR DR CR DR CR cash 127000   127000 Account receivable 151000   151000 Allowance for bad debts                             12500                            7000                                19500 Merchandise inventory 187500                            1500 186000 Store supplies 58000                          33000 25000 Prepaid insurance 72000                           24000 48000 Prepaid rent 56000                             42000 14000 furniture 800000   800000 Accumulated depreciation on furniture                           256000                              64000                              320000 computer equipment 450000   450000 Accumulated depreciation on computer                               45000                          45000 Accounts payable                             133500                             133500 salaries payable                                   14000                               14000 Interest payable                              27000                               9000                              36000 unearned sales revenue                               82000 48000                               34000 Long term loan                               360000                                   360000 Eva ready capital                              898500                            898500 Eva ready withdrawl 104000   104000 sales revenue                           1043000                               48000                            1091000 sales discount 7000   7000 sales return & allowance 5500   5500 Cost of good sold 403000 1500 404500 salaries expense 165000 14000 179000 insurance expense                                 24000 24000 utilities expense 87500   87500 rent expense 126000 42000 168000 Depreciation on furniture   64000 64000 Depreciation on computer   45000 45000 store supply expense   33000 33000 Gain on disposal of old computer                           14000                                 14000 bad debt expense   7000 7000 interest expense 27000 9000 36000         Total 2826500           2826500 287500                 287500 2965500              2965500

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Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.  

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.