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.
|
MENDEZ COMPANY |
|||
|
Assets |
Liabilities |
||
|
Cash |
$15,000 |
Accounts payable |
$20,000 |
|
Supplies |
8,000 |
Accounts receivable |
(8,500) |
|
Equipment |
46,000 |
Mendez, Capital |
67,500 |
|
Mendez, Drawing |
10,000 |
Total liabilities and |
|
|
Total assets |
$79,000 |
owner’s equity |
$79,000 |
Instructions
Prepare a correct balance sheet.