Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31. Adjusted Trial Balance Debit Credit Cash and equivalents $ 4,100 Accounts receivable 2,100 Merchandise inventory 5,100 Prepaid insurance 1,100 Land 20,100 Accounts payable $ 3,100 M. Lima, Capital 26,500 Sales 17,100 Cost of goods sold 8,100 Wages expense 6,100 Totals $ 46,700 $ 46,700
Use the following information to prepare the current assets section of Lima Company’s classified balance sheet as of December 31. Adjusted Trial Balance Debit Credit Cash and equivalents $ 4,100 Accounts receivable 2,100 Merchandise inventory 5,100 Prepaid insurance 1,100 Land 20,100 Accounts payable $ 3,100 M. Lima, Capital 26,500 Sales 17,100 Cost of goods sold 8,100 Wages expense 6,100 Totals $ 46,700 $ 46,700
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Use the following information to prepare the current assets section of Lima Company’s classified
Adjusted |
Debit | Credit |
---|---|---|
Cash and equivalents | $ 4,100 | |
2,100 | ||
Merchandise inventory | 5,100 | |
Prepaid insurance | 1,100 | |
Land | 20,100 | |
Accounts payable | $ 3,100 | |
M. Lima, Capital | 26,500 | |
Sales | 17,100 | |
Cost of goods sold | 8,100 | |
Wages expense | 6,100 | |
Totals | $ 46,700 | $ 46,700 |
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