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Prepare a December 31 Balance Sheet in Proper Form for Surety

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Essay

Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts:
 Commissions earned $40,000 Accounts payable 3,500 Accounts receivable 5,000 Office equipment 10,000 Advertising expense 3,200 Cash 7,500 Land 35,000 Note payable 50,000 Office supplies 500 Salaries expense 12,000 Salaries payable 1,000 Building 100,000 Common stock 40,000 Retained earnings 63,500\begin{array}{|l|r|}\hline \text { Commissions earned } & \$ 40,000 \\\hline \text { Accounts payable } & 3,500 \\\hline \text { Accounts receivable } & 5,000 \\\hline \text { Office equipment } & 10,000 \\\hline \text { Advertising expense } & 3,200 \\\hline \text { Cash } & 7,500 \\\hline \text { Land } & 35,000 \\\hline \text { Note payable } & 50,000 \\\hline \text { Office supplies } & 500 \\\hline \text { Salaries expense } & 12,000 \\\hline \text { Salaries payable } & 1,000 \\\hline \text { Building } & 100,000 \\\hline \text { Common stock } & 40,000 \\\hline \text { Retained earnings } & 63,500\\\hline\end{array}

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Definitions:

Renal Corpuscle

The renal corpuscle is a key structure in the kidney, involved in blood filtration, consisting of the glomerulus and Bowman's capsule.

Afferent Arteriole

A small artery that leads toward the capillaries in the glomerulus of the kidney, playing a key role in filtration of the blood.

Podocyte

Highly specialized cells in the kidney that wrap around the capillaries of the glomerulus, playing a key role in the filtration of blood to form urine.

Vasa Recta

The vasa recta are a series of straight capillaries in the medulla of the kidney that play a crucial role in the concentration and regulation of urine.

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