The night manager of Dixie Transportation Service, who had no accounting background, prepared the following balance sheet for the company at February 28, 2011. The dollar amounts were taken directly from the company€™s accounting records and are correct. However, the balance sheet contains a number of errors in its headings, format, and the classification of assets, liabilities, and owners€™ equity.

Prepare a corrected balance sheet. Include a properheading.

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DIXIE TRANSPORTATION SERVICE MANAGER'S REPORT 8 P.M. THURSDAY Owners' Equity Accounts Receivable Notes Payable Supplies Land Accounts Payable Assets $92,000 62,000 69,000 80,000 165,000 $468,000 S 70,000 288,000 14,000 70,000 26,000 $468,000 . . Retained Earnings Cash .. Building . Automobiles