Question
The bookkeeper of BeautifulWorldLandscaping prepared thecompany's balance sheet while the accountant was ill. The balance sheet contains numerous errors. Inparticular, the bookkeeper knew that the
The bookkeeper of BeautifulWorldLandscaping prepared thecompany's balance sheet while the accountant was ill. The balance sheet contains numerous errors. Inparticular, the bookkeeper knew that the balance sheet shouldbalance, so he plugged in theowner's equity amount needed to achieve this balance. Theowner's equity is incorrect. All other amounts arecorrect, but some are out of place or should not be included on this statement. Prepare a corrected balance sheet. (If a box is not used in the table leave the boxempty; do not select a label or enter azero.)
Beautiful World Landscaping Balance Sheet Month Ended July 31, 2016 Assets Cash Office Supplies Land Salaries Expense Office Furniture Notes Payable Rent Expense Total Assets Liabilities $5,500 Accounts Receivables 300 Kielman, Withdrawals 34100 Service Revenue 2700 Property Tax Expense 5600 Accounts Payable 24600 400 Owner's Equity Kielman, Capital $73,200 Total Liabilities $1,900 13000 44000 2600 2400 9300 $73,200Step by Step Solution
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