Receivables on the Balance Sheet
Identify any errors in the following partial balance sheet.
Napa Vino Company
Balance Sheet
December 31, 20Y6
Assets
Current assets:
Cash $78,500
Notes receivable $300,000
Interest receivable (4,500)
Notes receivable, net 295,500
Accounts receivable $1,200,000
Allowance for doubtful accounts 11,500
Accounts receivable, net 1,211,500
The interest receivable should be . The allowance for doubtful accounts should be .
