Question:
The following is a June 30, 2013, post-closing trial balance for Excell Company.
Additional Information:
1. The short-term investments account includes $18,000 in U.S. treasury bills purchased in May. The bills
mature in July.
2. The accounts receivable account consists of the following:
a. Amounts owed by customers $225,000
b. Allowance for uncollectible accounts—trade customers (15,000)
c. Nontrade note receivable (due in three years) 65,000
d. Interest receivable on note (due in four months) 5,000
Total $280,000
3. The notes payable account consists of two notes of $50,000 each. One note is due on September 30,
2013, and the other is due on November 30, 2014.
The following is a June 30, 2013, post-closing trial balance for Excell Company.
Additional Information:
1. The short-term investments account includes $18,000 in U.S. treasury bills purchased in May. The bills
mature in July.
2. The accounts receivable account consists of the following:
a. Amounts owed by customers $225,000
b. Allowance for uncollectible accounts—trade customers (15,000)
c. Nontrade note receivable (due in three years) 65,000
d. Interest receivable on note (due in four months) 5,000
Total $280,000
3. The notes payable account consists of two notes of $50,000 each. One note is due on September 30,
2013, and the other is due on November 30, 2014.
