QS 7-2 Reporting cash and other current assets LO2 Prepare the current asset section based on the following alphabetized post-closing trial balance information March 31, 2020, for White Eagle Company: Debits Credits Account $ 7,000 Accounts payable.. Accounts receivable. $ 4,500 Accumulated depreciation. Cash. 15,000 Isaac Whiteagle, capital. Notes payable, due 2026. Petty cash.. 600 3,200 Prepaid rent. 8,000 Property, plant, and equipment. Unearned revenue. 9.900 25,800 14,000 4.600
QS 7-2 Reporting cash and other current assets LO2 Prepare the current asset section based on the following alphabetized post-closing trial balance information March 31, 2020, for White Eagle Company: Debits Credits Account $ 7,000 Accounts payable.. Accounts receivable. $ 4,500 Accumulated depreciation. Cash. 15,000 Isaac Whiteagle, capital. Notes payable, due 2026. Petty cash.. 600 3,200 Prepaid rent. 8,000 Property, plant, and equipment. Unearned revenue. 9.900 25,800 14,000 4.600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:a. What is the main objective of internal
b. Why should recordkeeping for assets be separated from custody
c. Do you report your findings?
QS 7-2 Reporting cash and other current assets LO2
March 31, 2020, fent asset section based on the following alphabetized post-closing trial balance information
for White Eagle Company:
Debits
Credits
Account
$ 7,000
Accounts payable...
Accounts receivable.
$ 4,500
Accumulated depreciation.
Cash.
15,000
Isaac Whiteagle, capital.
Notes payable, due 2026.
Petty cash.
600
3,200
Prepaid rent.
8,000
Property, plant, and equipment.
Unearned revenue.
9,900
25,800
14,000
4,600
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