Assets Date Cash + Accounts Receivable+ Land +

= Building + Tools & Equipment

Liabilities + Notes = Payable + Accounts Payable+

Owners' Equity Capital Stock + Retained Earnings Revenue (+) Expense (-)

OVERNIGHT AUTO SERVICE Balance Sheet January 31, 2007

Assets Cash Accounts Receivable Land Building Tools and Equipment $16,600 1,200 52,000 36,000 12,000 Liabilities and Owners' Equity Liabilities: Notes Payable $30,000 Accounts Payable 7,000 Total Liabilities Owners' Equity Capital Stock 80,000 Retained Earnings 800 Total .

$37,000

Total ..

$117,800

$80,800 $117,800