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Mary Close is the bookkeeper for Mendez Company. Mary has been trying to get the balance sheet of Mendez Company to balance. Mendezs balance sheet is shown below. Instructions Prepare a correct balance sheet. MENDEZ COMPANY Balance Sheet December 31, 2010 Assets Liabilities Cash Supplies Equipment Mendez, Drawing $15,000 8,000 46,000 10,000 $79,000 Accounts payable Accounts receivable Mendez, Capital $20,000

Chapter 1, Exercises #13

Mary Close is the bookkeeper for Mendez Company. Mary has been trying to get the balance sheet of Mendez Company to balance. Mendez’s balance sheet is shown below.

Instructions

Prepare a correct balance sheet.

Transcribed Image Text:

MENDEZ COMPANY Balance Sheet December 31, 2010 Assets Liabilities Cash Supplies Equipment Mendez, Drawing $15,000 8,000 46,000 10,000 $79,000 Accounts payable Accounts receivable Mendez, Capital $20,000 (8,500) 67.500 Total liabilities and owner's equity Total assets $79,000

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MENDEZ COMPANY Balance Sheet December 31, 2010 Assets Cash..................................................................................................................$15,000 Accounts receivable......................................................................................................... …View the full answer

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Related Book For answer-question
Accounting Principles

Accounting Principles

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

ISBN: 978-0470533475

Answers for Questions in Chapter 1

Brief Exercises:
Broadening Your Perspective:
DO IT! Review:
Exercises:
Problem Set A:
Problem Set B:
Questions:

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