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2. The bookkeeper of Outdoor Life Landscaping prepared the company's balance sheet while the accountant was ill. The balance sheet, shown on the next page,
2. The bookkeeper of Outdoor Life Landscaping prepared the company's balance sheet while the accountant was ill. The balance sheet, shown on the next page, 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 is incorrect. All other amounts are correct, but some are out of place or should not be included in this statement. Accounting 1 Handouts OUTDOOR LIFE LANDSCAPING Bars that Month Ended November 10, 2018 Asseto Les $ 2.000 11.000 1.00 3.000 2.700 Salaries the funiture Ristes Payable 100 7.700 Property Turense Accounts Payable 24 Owner's Equity Turn Cape 5 72.250 Total Labs 572 Requirements: Ri. Prepare a corrected balance sheet. RZ. Consider the original balance sheet as presented and the corrected balance sheet you prepared for requirement. Did total assets, as presented in your corrected balance sheet increase, decrease or stay the same from the original balance sheet? Why
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