On December 1, 2020, Lily company add the following account balances.
Debits: cash 17,700, notes receivable 2000, accounts receivable 7400, inventory 16,600, prepaid insurance 1600, equipment 28,300 equaling to 73,600.
Credits: accumulated depreciation equipment 3000, accounts payable  6200, owners capital 64,400 total equaling 73,600.
during December the company completed the following transactions: December 7 received 3700 cash from customers in payment of account(no discount allowed), December 12 purchase merchandise on account from Vance CO 12,000, terms 1/10, and n/30. December 17 sold merchandise on account 15,700 terms 2/10 and n/30 the cost of the merchandise sold was 9200. December 19 paid salaries 2200. December 22 paid rent CO in for less discount. December 26 received collections in full, less discounts from customers build on December 17. December 31 received 2600 cash from customers in payment of account( No discount allowed).
adjusted  data: Depreciation $210 per month 
insurance expired $400.  can someone please Prepare a classified balance sheet at December 31.

Answer rating: 100% (QA)

To prepare the classified balance sheet we need to organize the assets and liabilities into current ... View the full answer