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Question 5 (10 marks) Accountant and owner of Quick Renovations, C. Cloud had to go out of town to inspect a job site. Thus, he asked his cousin, Joseph Jordan, to prepare Quick Renovations December 31, 2018 balance sheet. Joseph Jordan had no knowledge of accounting, but he did know that the balance sheet had to balance; therefore, in order to accomplish this, he had to use a plugged figure for owners equity. The other accounts have the correct balances, but the totals may not be correct. Required: Prepare the correct December 31, 2018 balance sheet of Quick Renovations.

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Prepare the correct December 31, 2018 balance sheet of Quick Renovations.

Question 5 (10 marks) Accountant and owner of Quick Renovations, C. Cloud had to go out of town to inspect a job site. Thus, he asked his cousin, Joseph Jordan, to prepare Quick Renovations' December 31, 2018 balance sheet. Joseph Jordan had no knowledge of accounting, but he did know that the balance sheet had to balance; therefore, in order to accomplish this, he had to use a plugged figure for owner's equity. The other accounts have the correct balances, but the totals may not be correct. Quick Renovations Balance Sheet December 31, 2018 Assets Liabilities Service Revenue Mortgage Payable Accounts Receivable Total Liabilities 200,000 65,000 16,000 281,000 Cash Supplies Building Land Salary Expense Accounts Payable Rent Expense Total Assets 2,000 4,500 85,000 120,000 80,000 25,000 12.000 328,500 Owner's Equity C. Cloud, Capital Total Liabilities & Owner's Equity 47 500 328 500 Required: Prepare the correct December 31, 2018 balance sheet of Quick Renovations

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