EXERCISE 2.2 Preparing a Balance sheet () LO2-4 The night manager of Willis Transportation Service, who had no accounting backeround, prepared the following balance sheet for the company at February 28. current jear. The dollar amounts were taken directly from the company's accounting records and are correct. However, the balance shect contains a number of errors in its headings, format, and the classification of assets, liabilities. and owners' equity. textbook. This example balance sheet should give you a good idea of the types of accounts that go in each category. Remember that total assets should always be equal to total liabilities plus total equity