Mary Close is the bookkeeper for Mendez Company. Mary has been trying to get the balance sheet of Mendez Company to balance. Mendez’s

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E1-13 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
Balance Sheet
December 31, 2010
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.