You have just accepted your first job out of college,which requires you to evaluate loan requests at Eastwood National Bank.The first loan request you receive is from Richard Enterprises.Richard Tracy,the CEO,is requesting $105,000 and brings you the following trial balance or statement of accounts for the first year of operations ended December 31.
What three accounts do you think should be relabeled for greater clarity?
Definitions:
Bilateral Agreement
A legally binding contract between two parties or countries involving mutual commitments or trade-offs.
Express Agreement
A contract where the terms and conditions are stated clearly and explicitly, often in written form.
Handwritten Notes
Personal or professional notes written by hand as opposed to being typed or digitally recorded, often used for reminders, memoranda, or informal documentation.
Employment Contract
A formal agreement between an employer and an employee that outlines the terms and conditions of employment.
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