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?

Transcribed Image Text:

Surfer Dude Enterprises Statement of Accounts December 31, 2010 2,050 15,070 7,470 26,370 Cash Billings Due from Others Office Supplies Trucks 8,090 Equipment Amounts Owed to Others 2,850 Investment in Business 23,500 Service Revenues 73,650 30,050 7,330 2,400 Wages Expense Rent Expense Insurance Expense Utilities Expenses Miscellaneous Expenses 700 470 100,000 100,000