ABC AUTO LLC
TRIAL BALANCE		EXERCISE:	ILLUSTRATE HOW TO CONVERT A TRIAL BALANCE INTO A BALANCE SHEET.
12/31/2020
CASH IN BANK	$ 17,999.00
WIP - 1972 CUTLASS SUPREME	$ 1,142.00
WIP - 1969 SHELBY GT MUSTANG	$ 132,097.00
WIP - 1952 CADILLAC DEVILLE	$ 87,573.00
WIP - 1990 VOLVO 240 DL	$ 1,580.00
INVESTMENT IN PALM COAST AUTO SHOP	$ 34,092.00
DUE FROM ABC AUTO INC	$ 837,500.00
START-UP COSTS	$ 3,667.00
INTEREST EXPENSE	$ 121,394.00
ACCRUED EXPENSES	$ (13,554.00)
BONDS RECEIVABLE	$ 26,510.00
ACCRUED INTEREST	$ (5,302.00)
LOC - FREED BANK	$ (6,145.00)
DUE TO ABC AUTO INC	$ (45,337.00)
NOTE PAYABLE - AUTO FEDERATION	$ (790,000.00)
PARTNER CAPITAL - MARK SUMMERS	$ (750.00)
PARTNER CAPITAL - TERI SMITH	$ (750.00)
INTEREST INCOME - FREED BANK	$ (3,251.00)
INTEREST INCOME - WITH BANK	$ (2,057.00)
INTEREST INCOME - DALI BANK	$ (251.00)
PROFITS INTEREST - SANTA BARBARA	$ (817,983.00)
PROFITS INTEREST - PARIS	$ (106,048.00)
PARTNER DISTRIBUTIONS	$ 502,145.00
LEGAL FEES	$ 1,550.00
ACCOUNTING FEES	$ 5,425.00
WEBSITE FEES	$ 484.00
POSTAGE	$ 410.00
MARKETING	$ 2,357.00
OFFICE SUPPLIES	$ 112.00
INDUSTRY RESEARCH EXPENSE	$ 289.00
ENTERTAINMENT	$ 967.00
INTELLECTUAL PROPERTY	$ 3,623.00
LICENSE FEES	$ 64.00
STATE FEES	$ 1,523.00
BANK FEES	$ 789.00
HEALTH INSURANCE	$ 7,861.00
MISC FEES	$ 272.00
THANK YOU CARDS	$ 3.00