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ACC 205 Week 1 Exercise 3 Balance sheet preparation (Updated)

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3. Balance sheet preparation.

The following data relate to Preston Company as of December 31, 20XX:

Building $40,000 Accounts receivable $24,000

Cash 21,000 Loan payable 30,000

J. Preston, capital 65,000 Land 21,000

Accounts payable ?

Prepare a balance sheet as of December 31, 20XX.(See Exhibit 1.1 and 1.4)

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