ACCT301 Essentials of Accounting: E1-13 John Paul is the bookkeeper for Gabelli Company

ACCT301 Essentials of Accounting 
E1-13 
John Paul is the bookkeeper for Gabelli Company. John has been trying to get the balance sheet of Gabelli Company to balance. It finally balanced, but now he’s not sure it is correct. 
GABELLI COMPANY 
Balance Sheet 
December 31, 2007 
Assets Liabilities and Stockholders’ Equity 
Cash 18,500 Accounts payable 16,000 
Supplies 9,500 Accounts receivable (12,000)
Equipment 40,000 Common Stock 40,000 
Dividends 10,000 Retained earnings 34,000 
Total Assets 78,000 Total liabilities and Stockholders’ equity 78,000 

Instructions 
Prepare a correct balance sheet.
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