During 2010, Dawson's first year of operations, the following transactions occurred:
Credit sales of $\$2,000,000$ .
Collections on ac count of $\$1,700,000$ .
Accounts receivable written off during the year, $\$5,000$ .
Estimated uncollectible accounts $\$8,000$ .
Accepted a $\$10,000$ one-year. $12\%$ note receivable on June 30
Required:
Prepare as appropriate:
a. The receivables portion of Dawson's first year operations balance sheet.
b. Notes to the financial statments for receivalites

Receivables Portion

The part of a company's assets that represents money owed to the company by customers for goods or services delivered or used but not yet paid for.

Balance Sheet

A financial statement summarizing a company's assets, liabilities, and shareholders' equity at a specific point in time.

Financial Statements

Comprehensive reports created to present a business's financial performance and position, typically including the balance sheet, income statement, and cash flow statement.