Five Star National Bank & Trust

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West Gate Auto Co. Statement of Accounts October 31, 2016
Cash5,000
Billings Due from Others40,000
Supplies (chemicals, etc.)7,500
Building222,3000
Equipment50,000
Amounts Owed to Others31,000
Investment in Business179,000
Service Revenue251,000
Wages Expense75,000
Utilities Expense10,000
Rent Expense8,000
Insurance Expense6,000
Other Expenses1,200
425,000425,000
  1. Explain to Joan Whalen why a set of financial statements (income statement, retained earnings statement, and balance sheet) would be useful to you in evaluating the loan request.
  2. In discussing the “Statement of Accounts” with Joan Whalen, you discovered that the accounts had not been adjusted at October 31. Analyze the “Statement of Accounts” and indicate possible adjusting entries that might be necessary before an accurate set of financial statements could be prepared.
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