Financial Statement Project due in Week 2

The project is assigned in Week 1 but is not due until Week 2. You will work on the first project during Week 1 and 2 that is due in Week 2.A second project will be worked on during Week 3 and 4 and due in Week 4. We will cover various topics during Week 1 and 2 which will help you to complete the project for final submission in Week 2.

South Shore Medical Clinic
Trial Balance
December 31, 20X3
	Debit	Credit
Cash	$50,000
Accounts Receivable	55,000
Supplies	10,000
Inventory	40,000
Equipment	75,000
Building	150,000
Accounts Payable		$25,000
Current Portion - Long Term Debt		35,000
Long Term Debt, net of Current Portion		100,000
Owner's Equity		200,000
Service Fee Revenue		125,000
Salaries Expense	78,500
Rent Expense	24,000
Utilities Expense	2,500
Totals	$485,000	$485,000