... Receivable Merchandise Inventory Land Total Current Assets Property, Plant, and Equipment: Building Total Assets Liabilities and Shareholders' Equity Current Liabilities: Advance from Customer Accounts ... Balance Sheet As of December 31, Year Assets Current Assets: Cash Merchandise Inventory Merchandise Sold, at cost Prepaid Insurance Advance from Customer Total Current Assets Property, Plant, and ... 40 To maintain the balance sheet equality, it is necessary to report every event and transaction in a dual manner If a transaction results in an increase in the left hand side of the balance...