Question
Hi, please help me with this question. Jack company balance sheet consists of the accounts cash $25000, account receivable $75000, supplies $20000, building $10,000 total
Hi, please help me with this question. Jack company balance sheet consists of the accounts cash $25000, account receivable $75000, supplies $20000, building $10,000 total is $230.000the liability and owner's equity is accounts and notes payable $50,000 mortgage payable $30000, capital $30000, profit $7000. transactions occurred the building is included in the company's assets. #2 jack reduced cash by $4000 and increase account payable by $11,000 he did not record the transit in the equipment. #3 Jack recorded the supplies at $15,000, # 4 jack combined $20,000 account payable, and $30,000 of notes payable, #5 jack paid $2400 insurance #6 jack's brother lent him $20,000 to assist him in the business but jack did not record it in the business and did not pay him back. #7 when Jack first prepared the balance sheet he had assets of $230,000 and liability and owner's equity of $155,000
prepare a corrected balance sheet for Jack,
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