Preparing a Six-Column Work Sheet The general ledger account balances on May 31 for

Chapter 8, Problem 8-7

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QUESTION:

Preparing a Six-Column Work Sheet

The general ledger account balances on May 31 for Outback Guide Service are:

101 Cash in Bank $ 2,834
105 Accts. Rec.—Mary Johnson 384
125 Office Supplies 307
130 Office Equipment 5,902
135 Office Furniture 2,804
140 Computer Equipment 3,295
145 Hiking Equipment 922
150 Rafting Equipment 8,351
205 Accts. Pay.—Peak Equipment Inc. 1,204
301 Juanita Ortega, Capital 20,419
302 Juanita Ortega, Withdrawals 1,800
310 Income Summary ---
401 Guide Service Revenue 9,179
501 Advertising Expense 795
505 Maintenance Expense 125
515 Rent Expense 2,000
525 Utilities Expense 1,283

Instructions Prepare a worksheet for Outback Guide Service for the period ended May 31 in your working papers.

Questions & Answers

QUESTION:

Preparing a Six-Column Work Sheet

The general ledger account balances on May 31 for Outback Guide Service are:

101 Cash in Bank $ 2,834
105 Accts. Rec.—Mary Johnson 384
125 Office Supplies 307
130 Office Equipment 5,902
135 Office Furniture 2,804
140 Computer Equipment 3,295
145 Hiking Equipment 922
150 Rafting Equipment 8,351
205 Accts. Pay.—Peak Equipment Inc. 1,204
301 Juanita Ortega, Capital 20,419
302 Juanita Ortega, Withdrawals 1,800
310 Income Summary ---
401 Guide Service Revenue 9,179
501 Advertising Expense 795
505 Maintenance Expense 125
515 Rent Expense 2,000
525 Utilities Expense 1,283

Instructions Prepare a worksheet for Outback Guide Service for the period ended May 31 in your working papers.

ANSWER:

Step 1 of 2

A Six-Column Worksheet is prepared by the business to gain information regarding all the ledger accounts. This worksheet has various sections namely, the heading, the account number, the account name, the trial balance, the income statement, and the balance sheet.  

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