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?
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Definitions:
Automatic Weaving Machine
A mechanical device that automates the process of weaving textiles, reducing manual labor and increasing production efficiency.
Finance Company
A business that provides loans to individuals or companies, typically specializing in areas such as consumer finance, leasing, and commercial lending.
Agreement
A mutual understanding or arrangement between parties delineating their rights and responsibilities.
Salesperson
An individual who sells goods or services, often employed by a company to represent its products to potential buyers.
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