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Preparing a Six-Column Work Sheet The general ledger for Hot Suds Car Wash shows the
Chapter 8, Problem 8-5(choose chapter or problem)
Preparing a Six-Column Work Sheet
The general ledger for Hot Suds Car Wash shows the following account balances on May 31, the end of the period.
Instructions Prepare a work sheet for Hot Suds Car Wash in your working papers.
Identify the temporary accounts on the work sheet that have normal credit balances.
Questions & Answers
QUESTION:
Preparing a Six-Column Work Sheet
The general ledger for Hot Suds Car Wash shows the following account balances on May 31, the end of the period.
Instructions Prepare a work sheet for Hot Suds Car Wash in your working papers.
Identify the temporary accounts on the work sheet that have normal credit balances.
ANSWER:
Problem 8.5
Preparing a Six-Column Work Sheet The general ledger for Hot Suds Car Wash shows the following account balances on May 31, the end of the period.101 Cash in Bank $9,400 105 Accts. Rec. Linda Brown 429 110 Accts. Rec. Valley Auto 372 115 Detailing Supplies 694 120 Detergent Supplies 418 125 Office Equipment 15,195 130 Office Furniture 2,029 135 Car Wash Equipment 7,486 201 Accts. Pay. Allen Vacuum Systems 4,346 205 Accts. Pay. OBrians Office Supply 2,730 301 Regina Delgado, Capital 26,530 305 Regina Delgado, Withdrawals 2,500 310 Income Summary 401 Wash Revenue 7,957 405 Wax Revenue 5,329 410 Interior Detailing Revenue 2,970 501 Advertising Expense 1,940 505 Equipment Rental Expense 3,836 510 Maintenance Expense 1,424 520 Rent Expense 3,500 530 Utilities Expense 639 Instructions Prepare a worksheet for Hot Suds Car Wash in your working papers.
Step by Step Solution
Step 1 of 3
A statement that records the revenue and expenses of the company to calculate the net income is known as an income statement. It is used by the external users to evaluate the profitability.