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Abby Roland is the bookkeeper for Cheng Company. Abby has been trying to determine the correct balance sheet for Cheng Company. Chengs balance sheet is shown below. Instructions Prepare a correct balance sheet. Cheng Company Balance Sheet December 31, 2020 Assets Liabilities Cash Accounts payable Accounts receivable Owner's capital Total liabilities and owner's equity $15,000 $21,000 8,000 Supplies Equipment Owner's

Chapter 1, Exercises #13
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 Accounts payable Accounts receivable Owner's capit


Instructions
Prepare a correct balance sheet.

Transcribed Image Text:

Cheng Company Balance Sheet December 31, 2020 Assets Liabilities Cash Accounts payable Accounts receivable Owner's capital Total liabilities and owner's equity $15,000 $21,000 8,000 Supplies Equipment Owner's drawings Total assets (6,500) 46,000 67,500 13,000 $82,000 $82,000

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CHENG COMPANY Balance Sheet December 31, 2020 Assets Cash.................................................................................................... …View the full answer

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Related Book For answer-question
Accounting Principles

Accounting Principles

13th edition

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

ISBN: 978-1119411482

Answers for Questions in Chapter 1

Brief Exercises:
Continuing Case:
Critical Thinking:
DO IT! Exercises:
Ethics Case:
Exercises:
IFRS Exercise:
Problem Set A:
Questions:

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