Abby Roland is the bookkeeper for Cheng Company. Abby has been trying to determine the correct balance sheet for Cheng Company. Cheng’s balance sheet is shown below. Cheng Company Balance Sheet December 31, 2020. Assets Liabilities Cash $15,000, Accounts payable $21,000, Supplies 8,000 Accounts receivable (6,500), Equipment 46,000, Owner’s capital 67,500O, owner’s drawings 13,000, Total liabilities and Total assets $82,000, owner’s equity $82,000.

Instructions: Prepare a correct balance sheet. 

Answer rating: 100% (QA)

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