Chamberlain Enterprises Inc. reported the following receivables in its December

Question

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2013, year-end balance sheet:

The notes receivable account consists of two notes, a $65,000 note and a $325,000 note. The $65,000 note is dated October 31, 2013, with principal and interest payable on October 31, 2014. The $325,000 note is dated June 30, 2013, with principal and 6% interest payable on June 30, 2014.

During 2014, sales revenue totaled $1,470,000, $1,345,000 cash was collected from customers, and $35,000 in accounts receivable were written off. All sales are made on a credit basis. Bad debt expense is recorded at year-end by adjusting the allowance account to an amount equal to 10% of year-end accounts receivable.

On March 31, 2014, the $325,000 note receivable was discounted at the Bank of Commerce. The bank's discount rate is 8%. Chamberlain accounts for the discounting as a sale.

In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain

Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2013, year-end balance sheet:

Explanation / Answer

In addition to sales revenue, what revenue and expense amounts related to receivables will appear in Chamberlain

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