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Glencoe Accounting: First Year Course, Student Edition | 1st Edition | ISBN: 9780078688294 | Authors: Glencoe
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Preparing a Six-Column Work Sheet The account balances in the general ledger of Kits &

Chapter 8, Problem 8-6

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QUESTION:

Preparing a Six-Column Work Sheet 

The account balances in the general ledger of Kits & Pups Grooming at the end of May are:

Instructions Prepare a worksheet for the month ended May 31 for Kits & Pups Grooming in your working papers.

Compute the total liabilities for Kits & Pups.

Questions & Answers

QUESTION:

Preparing a Six-Column Work Sheet 

The account balances in the general ledger of Kits & Pups Grooming at the end of May are:

Instructions Prepare a worksheet for the month ended May 31 for Kits & Pups Grooming in your working papers.

Compute the total liabilities for Kits & Pups.

ANSWER:

Problem 8.6

Preparing a Six-Column Work Sheet The account balances in the general ledger of Kits & Pups Grooming at the end of May are: 101 Cash in Bank $11,194 105 Accts. Rec. Juan Alvarez 357 110 Accts. Rec. Nathan Carlsbad 547 115 Accts. Rec. Martha Giles 1,450 120 Grooming Supplies 842 125 Office Equipment 4,147 130 Office Furniture 935 135 Computer Equipment 2,200 140 Grooming Equipment 1,948 145 Kennel Equipment 7,305 201 Accts. Pay. Able Store Equipment 7,945 205 Accts. Pay. Dogs & Cats Inc. 1,205 207 Accts. Pay. Pet Gourmet 2,846 301 Abe Shultz, Capital 23,048 305 Abe Shultz, Withdrawals 2,500 310 Income Summary 401 Boarding Revenue 11,596 405 Grooming Revenue 4,496 501 Advertising Expense 3,675 505 Equipment Repair Expense 932 510 Maintenance Expense 2,658 520 Rent Expense 7,500 530 Utilities Expense 2,946 Instructions Prepare a worksheet for the month ended May 31 for Kits & Pups Grooming in your working papers.

                                                        Step by Step Solution

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A statement used to report the revenue and expenses of the company and to evaluate the profitability is known as an income statement. Under this statement expenses are deducted from the revenue generated by the company.

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