The accountant for Tibbo Industries is required to prepare monthly financial statements.Upon opening the file with the previous month's balance sheets,the accountant notices that they have been prepared incorrectly.Prepare a corrected November balance sheet based on the information below.
Balance Sheet for
Tibbo Industries
Prepared on
November 29,2009
Assets $ \quad $ $ \quad $ $ \quad $ Liabilities and Owners Equity $\begin{array}{lll}
\text { Merchandise inventory } & 8,000 & \text { Office supplies } &5\
\text { Accounts payable } & 4,500 & \text { Long term debt }&1 \
\text { Cash } & 9,000 & \text { Owners equity }&5 \
\text { Owners' equity } & 50,500 & \text { Prepaid expenses }&5 \
\text { Property and equipment } & 50,500 &
\end{array}$

Question

The accountant for Tibbo Industries is required to prepare monthly financial statements.Upon opening the file with the previous month's balance sheets,the accountant notices that they have been prepared incorrectly.Prepare a corrected November balance sheet based on the information below.
Balance Sheet for
Tibbo Industries
Prepared on
November 29,2009
 Assets  $ \quad $ $ \quad $ $ \quad $ Liabilities and Owners Equity $\begin{array}{lll}
\text { Merchandise inventory } & 8,000 & \text { Office supplies } &5\
\text { Accounts payable } & 4,500 & \text { Long term debt }&1 \
\text { Cash } & 9,000 & \text { Owners equity }&5 \
\text { Owners' equity } & 50,500 & \text { Prepaid expenses }&5 \
\text { Property and equipment } & 50,500 &
\end{array}$

Quizplus · Accepted Answer

The Answer of The accountant for Tibbo Industries is required to prepare monthly financial statements.Upon opening the file with the previous month's balance sheets,the accountant notices that they have been prepared incorrectly.Prepare a corrected November balance sheet based on the information below.
Balance Sheet for
Tibbo Industries
Prepared on
November 29,2009
 Assets  $ \quad $ $ \quad $ $ \quad $ Liabilities and Owners Equity $\begin{array}{lll}
\text { Merchandise inventory } & 8,000 & \text { Office supplies } &5\
\text { Accounts payable } & 4,500 & \text { Long term debt }&1 \
\text { Cash } & 9,000 & \text { Owners equity }&5 \
\text { Owners' equity } & 50,500 & \text { Prepaid expenses }&5 \
\text { Property and equipment } & 50,500 &
\end{array}$

The Accountant for Tibbo Industries Is Required to Prepare Monthly \quad

The Accountant for Tibbo Industries Is Required to Prepare Monthly $\quad$