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Included in the December 31 trial balance of Swifty Company are the following assets. Cash $ 218,500 Work in process $230,000 1,265,000 460,000 Equipment (net) Prepaid insurance Accounts Receivables (net) Patents 47,150 126,500 Raw materials 385,250 Finished goods 195,500 Prepare the current assets section of the December 31 balance sheet. (List Current Assets in order of liquidity.) SWIFTY COMPANY Balance Sheet (Partial) For the Year Ended December 31 Current Assets Cash $ 218.500 Accounts Receivable 460,000 Inventory $ 385,250 Work-in-Process 230,000 Finished Goods Inventory 195,500 810,750 Prepaid Insurance 47,150 D Total Current Assets $ 1,536,400 Presented below are transactions related to Crane, Inc. Crane uses the periodic inventory method. May 10 Purchased goods billed at $ 15,800 subject to cash discount terms of 2/10,n/60. 11 Purchased goods billed at $ 13,800 subject to terms of 1/15, n/30. 19 Paid invoice of May 10. 24 Purchased goods billed at $ 10,300 subject to cash discount terms of 2/10,n/30. Assuming no purchase or payment transactions other than those given above, prepare the adjusting entry required on May 31 if financial statements are to be prepared as of that date. (If no entry is required, select "No entry" for the account titles and enter for the amounts. Round answers to decimal places, eg. 6,578. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit May 31