Listed here are certain accounts of Jenkins Company at the end of 2019: Account ...........................................................................Debit (Credit) Land
Question:
Listed here are certain accounts of Jenkins Company at the end of 2019:
Account ...........................................................................Debit (Credit)
Land .................................................................................$12,000
Prepaid Insurance ..............................................................1,530
Cash on Hand .....................................................................1,120
Notes Receivable (due 2019) .............................................4,300
Cash in Bank ........................................................................5,400
Allowance for Doubtful Accounts ....................................(1,100)
Marketable Securities (Short-Term) ..................................3,380
Accumulated Depreciation ................................................(8,700)
Accounts Receivable ..........................................................15,600
Office Supplies .........................................................................970
Buildings ..............................................................................27,200
Inventory .............................................................................19,700
Required:
Prepare the current assets section of Jenkins’s balance sheet at the end of 2019.
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Step by Step Answer:
Intermediate Accounting Reporting and Analysis
ISBN: 978-1337788281
3rd edition
Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach