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Current Attempt in Progress The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment $ 19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 7,200 16,000 32,000 135,000 5,000 6,000 210,000 The current assets should be listed on Freight Service's balance sheet in the following order: cash, accounts receivable, supplies, prepaid insurance. cash, accounts receivable, prepaid insurance, equipment cash, prepaid insurance, supplies, accounts receivable. equipment, supplies, prepaid insurance, accounts receivable, cash.

Current Attempt in Progress The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment $ 19,000 13,000 26,000 21,200 15,000 104,000 11,000 12,000 3,800 72,000 7,200 16,000 32,000 135,000 5,000 6,000 210,000 The current assets should be listed on Freight Service's balance sheet in the following order: cash, accounts receivable, supplies, prepaid insurance. cash, accounts receivable, prepaid insurance, equipment cash, prepaid insurance, supplies, accounts receivable. equipment, supplies, prepaid insurance, accounts receivable, cash.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Current Attempt in Progress The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment $ 19,000 13,000 26,000 21,200 15,000 104,000 11.000 12,000 3,900 72,000 7,200 16,000 32,000 135,000 5,000 6,000 210,000 The current assets should be listed on Freight Service's balance sheet in the following order: O cash, accounts receivable, supplies, prepaid insurance. O cash, accounts receivable, prepaid insurance, equipment. O cash, prepaid insurance, supplies, accounts receivable. O equipment, supplies, prepaid insurance, accounts receivable, cash.
Transcribed Image Text:Current Attempt in Progress The following items are taken from the financial statements of the Freight Service for the year ending December 31, 2020: Accounts payable Accounts receivable Accumulated depreciation - equipment Advertising expense Cash Owner's capital (1/1/20) Owner's drawings Depreciation expense Insurance expense Note payable, due 6/30/21 Prepaid insurance (12-month policy) Rent expense Salaries and wages expense Service revenue Supplies Supplies expense Equipment $ 19,000 13,000 26,000 21,200 15,000 104,000 11.000 12,000 3,900 72,000 7,200 16,000 32,000 135,000 5,000 6,000 210,000 The current assets should be listed on Freight Service's balance sheet in the following order: O cash, accounts receivable, supplies, prepaid insurance. O cash, accounts receivable, prepaid insurance, equipment. O cash, prepaid insurance, supplies, accounts receivable. O equipment, supplies, prepaid insurance, accounts receivable, cash.
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