Horizon Outfitters Company includes in its trial balance for December 31 an item for Accounts...
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Accounting
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 years income taxes (an established claim)
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 for loans payable
75,000
Notes receivable past due plus interest on these notes
47,000
Total
$789,000
Illustrate how these items should be shown in the balance sheet as of December 31.
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