(Answered) You have just accepted your first job out of college which

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

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