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JUNIPER LANDSCAPING Balance Sheet Month Ended July 31, 2018 Assets Liabilities $ 5,300 Accounts Receivable 800 Dividends 34,500 Service Revenue 3,200| Рroperty Tәх Expense Cash $ 1,800 Office Supplies 14,000 Land 38,000 Salaries Expense 3,300 Office Furniture 6,300 Accounts Payable 2,700 24,700 Retained Earnings Notes Payable 5,300 Rent Expense Stockholders' Equity 300 Common Stock 10,000 $ 75,100 Total Liabilities Total Assets 5 75,100

JUNIPER LANDSCAPING Balance Sheet Month Ended July 31, 2018 Assets Liabilities $ 5,300 Accounts Receivable 800 Dividends 34,500 Service Revenue 3,200| Рroperty Tәх Expense Cash $ 1,800 Office Supplies 14,000 Land 38,000 Salaries Expense 3,300 Office Furniture 6,300 Accounts Payable 2,700 24,700 Retained Earnings Notes Payable 5,300 Rent Expense Stockholders' Equity 300 Common Stock 10,000 $ 75,100 Total Liabilities Total Assets 5 75,100

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Preparing financial statements

The bookkeeper of Juniper landscaping prepared the company’s balance sheet while the accountant was ill. The balance sheet, shown on the next page, contains numerous errors. In particular, the bookkeeper knew that the balance sheet should balance, so he plugged in the retained earnings amount needed to achieve this balance. The retained earnings is incorrect All other amounts are correct, but some are out of place or should not be included on this statement. Prepare a corrected balance sheet.

 

JUNIPER LANDSCAPING Balance Sheet Month Ended July 31, 2018 Assets Liabilities $ 5,300 Accounts Receivable 800 Dividends 34,500 Service Revenue 3,200| Рroperty Tәх Expense Cash $ 1,800 Office Supplies 14,000 Land 38,000 Salaries Expense 3,300 Office Furniture 6,300 Accounts Payable 2,700 24,700 Retained Earnings Notes Payable 5,300 Rent Expense Stockholders' Equity 300 Common Stock 10,000 $ 75,100 Total Liabilities Total Assets 5 75,100
Transcribed Image Text:JUNIPER LANDSCAPING Balance Sheet Month Ended July 31, 2018 Assets Liabilities $ 5,300 Accounts Receivable 800 Dividends 34,500 Service Revenue 3,200| Рroperty Tәх Expense Cash $ 1,800 Office Supplies 14,000 Land 38,000 Salaries Expense 3,300 Office Furniture 6,300 Accounts Payable 2,700 24,700 Retained Earnings Notes Payable 5,300 Rent Expense Stockholders' Equity 300 Common Stock 10,000 $ 75,100 Total Liabilities Total Assets 5 75,100
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