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

Essay

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 $\begin{array}{lll}\text { Merchandise inventory } & 8,000 & \text { Office supplies } &5\\\text { Accounts payable } & 4,500 & \text { Long term debt }&1 \\\text { Cash } & 9,000 & \text { Owners equity }&5 \\\text { Owners' equity } & 50,500 & \text { Prepaid expenses }&5 \\\text { Property and equipment } & 50,500 &\end{array}$