Financial items for George Karatsis IT Services on 31 May 2019 are presented below in alphabetical order.

Required

(a) Prepare a balance sheet similar to the one in figure 2.2. 

(b) Reformat the statement to present it in narrative form as in figure 2.3

Figures

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Transcribed Image Text:

Accounts payable Accounts receivable Building Cash at bank $ 64 000 70 000 520 000 61 000 Land Mortgage payable Office equipment Office supplies $250 000 710000 180 000 34000