Tracy Roberts, the sole stockholder of Surfer Dude Supplies, is requesting a $75,000 loan from the bank where you work as a loan officer. He brings to you the following trial balance (or statement of accounts) as of the end of his first year of operations.
(a) What three accounts do you think should be relabeled for greater clarity?
(b) What adjustments might be necessary before an accurate set of financial statements could be prepared?

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The Answer of Tracy Roberts, the sole stockholder of Surfer Dude Supplies, is requesting a $75,000 loan from the bank where you work as a loan officer. He brings to you the following trial balance (or statement of accounts) as of the end of his first year of operations.
(a) What three accounts do you think should be relabeled for greater clarity?
(b) What adjustments might be necessary before an accurate set of financial statements could be prepared?

Tracy Roberts, the Sole Stockholder of Surfer Dude Supplies, Is