The bookkeeper of Trsoro Publishing Co. prepared the company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that the balance sheet should balance, so he plugged in the owner's equity amount needed to achieve this balance. The owner's equity amount, however, is not correct. All other amounts are accurate, but some are out of place.

TRSORO PUBLISHING CO. Balance Sheet Month Ended July 31, 20X3 Assets Liabilities Cash. $12.000 Accounts receivable $ 3.000 Office supplies 1.000 Service revenue 68.000 Land 44.000 Property tax expense 800 Salary expense. 2.500 Accounts payable.. 9.000 Office furniture. 8.000 Note payable. 16.000 Owner's Equity Rent expense 4.000 Owner's equity. 6,700 Total assets.. $87,500 Total liabilities. $87.500 Required 1. Prepare the correct balance sheet, and date it correctly. Compute total assets, total liabili ties, and owner's equity 2. Identify the accounts that should not be presented on the balance sheet and state why you excluded them from the correct balance sheet you prepared for requirement 1.