Use the following information to prepare the current assets section of Lima Co Adjusted Trial Balance Cash and equivalents Accounts receivable Merchandise inventory Prepaid insurance Land Accounts payable Common stock Retained earnings Sales Cost of goods sold Wages expense Totals Current assets LIMA COMPANY Balance Sheet December 31 Assets Total current assets Debit $ 5,200 Credit 3,200 6,200 2,200 21,200 $ 4,200 12,400 19,600 18,200 9,200 7,200 $ 54,400 $ 54,400
Use the following information to prepare the current assets section of Lima Co Adjusted Trial Balance Cash and equivalents Accounts receivable Merchandise inventory Prepaid insurance Land Accounts payable Common stock Retained earnings Sales Cost of goods sold Wages expense Totals Current assets LIMA COMPANY Balance Sheet December 31 Assets Total current assets Debit $ 5,200 Credit 3,200 6,200 2,200 21,200 $ 4,200 12,400 19,600 18,200 9,200 7,200 $ 54,400 $ 54,400
Chapter5: Operating Activities: Purchases And Cash Payments
Section: Chapter Questions
Problem 2.7C
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