The following are the balances of the assets, liabilities, and equity of Hair Today Salon at July 31, 2010:

Requirements 1. What type of business organization is Hair Today Salon?
2. Prepare the balance sheet of the business at July 31,2010.
3. What does the balance sheet report?

Transcribed Image Text:

Cash........ $3,500 Office Equipment.. $6,300 Retained Earnings... 2,200 Common Stock. 3,000 Accounts Payable...... 2,500 Note Payable. 4,000 Accounts Receivable. 1,200 Supplies............ 700