The ending balances in the general ledger accounts of Wilderness Rentals for the period ended May 31
Question:
The ending balances in the general ledger accounts of Wilderness Rentals for the period ended May 31 follow.
Prepare a work sheet for the period ended May 31.
1. Write the heading on the work sheet.
2. List all of the accounts in the Account Name and Trial Balance sections. For each account, include the account number, name, and balance.
3. Total and rule the Trial Balance section. Do total debits equal total credits? If not, find and correct the problem before continuing.
4. Extend the appropriate amounts to the Balance Sheet section.
5. Extend the appropriate amounts to the Income Statement section.
6. Total the amount columns in the Income Statement and Balance Sheet sections.
7. Enter the amount of net income or net loss in the appropriate columns in the Income Statement and Balance Sheet sections.
8. Total and rule the Income Statement and Balance Sheet sections. Identify the permanent accounts on the work sheet that have normal debit balances.
Expert Answer:
Governmental and Nonprofit Accounting
ISBN: 978-0132751261
10th edition
Authors: Robert Freeman, Craig Shoulders, Gregory Allison, Robert Smi
