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LG 26-2, continued

All of these are serious mistakes. I would give this statement a score of about 4 out of 10.       Although there are some minor variations in report format, here is one correct way the report       form of the statement should look:

Wayne Grey-Eagle Company Balance Sheet January 31, 2008 Assets     Cash $21,500       Accounts receivable    7,150       Office supplies       325       Prepaid rent     2800       Equipment  15,900          Total assets   Liabilities and Owner’s Equity     Liabilities:      1,250     Wages payable $ 3,300       Accounts payable   4,470       Notes payable 22,500          Total liabilities   30,270     Owner’s Equity:         Wayne Grey-Eagle, capital   17,405        Total liabilities and owner’s equity

Learning Goal 26: The Trial Balance—Prepare It and Use It Two Ways

S3

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