The following accounts have balances and appear in the Account Name section of the work sheet for Lee’s Bike Shop.

Instructions

Use a form similar to the one below in your working papers or on a separate sheet of paper. For the above accounts, enter an “X” in the column where the account balance is transferred. The first account has been completed as an example. 

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Store Equipment Rent Expense Service Fees Revenue Accounts Payable-Rubino Supply Scott Lee, Capital Advertising Expense Accounts Receivable-John Langer Scott Lee, Withdrawals Maintenance Expense Office Supplies