(L. OBJ. 9) Preparing the balance sheet [10 min]
Examine Exhibit 1-8. The exhibit summarizes the transaction is of Smart Touch Learning for the month of April 2010. Suppose the business has completed only the first seven transactions and needs a bank loan on April 21. The vice president of the bank requires financial statements to support all loan requests.
Requirement
1. Prepare the balance sheet that the business would present to the banker after completing the first seven transactions on April 21, 2010. Exhibit 1-9 shows the format of the balance sheet.
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