Problem 1-39 introduced Michelle Fontaine and her outdoor adventure company. At the end of July, the following

Question:

Problem 1-39 introduced Michelle Fontaine and her outdoor adventure company. At the end of July, the following items were in her records:
Loan owed to the bank……………………………..$24,000
Supplies on hand to be used in August……………. 13,420
Cash in bank accounts……………………………... 33,670
Common shares……………………………………. 20,000
Cost of tents and rafts…………………………….. 34,100
Retained earnings………………………………….. 56,450
Amounts prepaid by customers for trips
to be taken in August…………………………….… 19,140
Vehicles……………………………………………. 38,400
Required:
a. Identify each of the items in her records as an asset, liability, or shareholders' equity item.
b. Prepare a for the end of July.
c. Does Michelle Fontaine have any inventory? Explain.
d. Michelle Fontaine does not have in her records. Explain why it is unlikely that she will have an account called Under what business circumstances would it be necessary for her to have such an account? Accounts Receivable
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