Reference no: EM132828234

Problem 1: Prepare a December 31 balance sheet in proper form for Surety Insurance using the following accounts and amounts:

Commissions revenue............. $40,000

Accounts payable.................. 3,500

Accounts receivable............... 5,000

M. Bruno, Capital.................. 103,500

Office equipment................... 10,000

Advertising expense............. 3,200

Cash................................... 7,500

Land...................................... 35,000

Note payable.......................... 50,000

Office supplies........................ 500

Salaries expense.................... 12,000

Salaries payable..................... 1,000

Building............................... 100,000