You Have Just Accepted Your First Job Out of College

question 54

Essay

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.
Which of the following accounts do you think might need to be adjusted before an accurate set of financial statements could be prepared?

---

Definitions:

Dialectical Reasoning

A process in which opposing facts or ideas are weighed and compared, with a view to determining the best solution or resolving differences.

Eyewitness Testimony

Evidence provided by individuals who were present at the scene of a crime, offering their recollections of the events.

Child Abuse

The physical, sexual, emotional mistreatment, or neglect of a child by a parent, guardian, or other caregiver.

Preschoolers

Children who are in the age group typically between 3 to 5 years old, just before they enter formal schooling.