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Entering Account Balances on the Work Sheet The following accounts appear on the work
Chapter 8, Problem 8-1(choose chapter or problem)
Entering Account Balances on the Worksheet
The following accounts appear on the work sheet for Lee's Bike Shop.
Instructions Use a form similar to the one below in your working papers. Classify each account and use an “X” to indicate whether the account balance is entered in the Debit or the Credit column of the Trial Balance section. The first account is completed as an example.
Questions & Answers
QUESTION:
Entering Account Balances on the Worksheet
The following accounts appear on the work sheet for Lee's Bike Shop.
Instructions Use a form similar to the one below in your working papers. Classify each account and use an “X” to indicate whether the account balance is entered in the Debit or the Credit column of the Trial Balance section. The first account is completed as an example.
ANSWER:
Problem 8.1
Entering Account Balances on the Worksheet The following accounts appear on the work sheet for Lee's Bike Shop. Store Equipment Scott Lee, Capital Scott Lee, Withdrawals Rent Expense Advertising Expense Maintenance Expense Service Fees Revenue Accts. Rec. John Langer Office Supplies Accts. Pay. Rubino Supply Instructions Use a form similar to the one below in your working papers. Classify each account and use an X to indicate whether the account balance is entered in the Debit or the Credit column of the Trial Balance section. The first account is completed as an example.
Step by Step Solution
Step 1 of 2
Trial Balance is defined as a worksheet which includes the amounts of all the accounts. It is prepared on a periodic basis, to check the accuracy of the book-keeping process, and is prepared before the preparation of the financial statements of the business.