You have just accepted your first job out of college, which requires you to evaluate...
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Accounting
You have just accepted your first job out of college, which requires you to evaluate loan requests at Beach Front National Bank. The first loan request you receive is from Surfer Dude Enterprises, a small proprietorship. Marty Monroe, the owner, is requesting $75,000 and brings you the following trial balance (or Statement of Accounts) for his first year of operations ended December 31, 2010. What three accounts do you think should be relabeled for greater clarity?
| Surfer Dude Enterprises Statement of Accounts December 31, 2010 | ||
| Cash | 2,050 | |
| Billings Due from Others | 15,070 | |
| Office Supplies | 7,470 | |
| Trucks | 26,370 | |
| Equipment | 8,090 | |
| Amounts Owed to Others | 2,850 | |
| Investment in Business | 23,500 | |
| Service Revenues | 73,650 | |
| Wages Expense | 30,050 | |
| Rent Expense | 7,330 | |
| Insurance Expense | 2,400 | |
| Utilities Expenses | 700 | |
| Miscellaneous Expenses | 470 |
|
| 100,000 | ||
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