http://i35.tinypic.com/u10dt.jpg

My attempt ^

http://i38.tinypic.com/309ivkp.jpg
http://i33.tinypic.com/6fqebl.jpg

I accounted for interest receivable, I'm at a stand still and do not know where to go from here to calculate the current portion of note receivable.

I'm a bit confused over where all the information came from. On the first link, where did the 1853.68 come from? I just assumed that was the given information, but it certainly isn't the current portion. I also don't know where that interest receivable came from. The only thing you'd have to accrue at year-end is a half month of December.

The current portion is the total of all the principal payments during 2010. The current portion of something is anything to be received within one year. And that's what will be received of the note within one year.

And if that's a trial balance, why is it alphabetical?

Quote:

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Originally Posted by morgaine300

I'm a bit confused over where all the information came from. On the first link, where did the 1853.68 come from? I just assumed that was the given information, but it certainly isn't the current portion. I also don't know where that interest receivable came from. The only thing you'd have to accrue at year-end is a half month of December.

The current portion is the total of all the principal payments during 2010. The current portion of something is anything to be received within one year. And that's what will be received of the note within one year.

And if that's a trial balance, why is it alphabetical?

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The 1853 came from me guessing, I just decided to prt scrn that attempt. I'm suppose to use the Adjusted Trial Balance in making the Classified Balance sheet and that is this link.

http://i38.tinypic.com/309ivkp.jpg

The Interest receivable also came from the Adjusted Trial Balance. I'm doing this case study and in the first part of it, it says 'Interest collectible is due on the 15th of each month. Refer to the collection of schedule below for the note details.'

I got the 123.5 by accounting for half the month in December and it's correct. I just don't know how that corresponds with Note Receivable. The note is listed for one year but I can't list Note Receivable as a current asset for whatever reason in this Case Study. It's all electronically done.

Lol I don't know why it's alphabetical, I am sorry. Thanks for the response.