Solved

The Following Accounts Are on the Balance Sheet Section of Great

Question 50

Essay

The following accounts are on the Balance Sheet section of Great Lakes Camping worksheet for the month ended January 31, 2019.
Required: Prepare a classified balance sheet.
 Account  Balance Sheet Debit  Balance Sheet Credit  Cash 2 Accounts Receivable 4 Merchandise Inventory 2 Store Equipment 6 Accumulated Depreciation - Store Equipment2 Accounts Payable 3 Mortgage Payable 6 Great Lakes, Capital 2\begin{array} { | l | c | c | } \hline \text { Account } & \text { Balance Sheet Debit } & \text { Balance Sheet Credit } \\\hline \text { Cash } & 2 & \\\hline \text { Accounts Receivable } & 4 & \\\hline \text { Merchandise Inventory } & 2 & \\\hline \text { Store Equipment } & 6 & \\\hline \text { Accumulated Depreciation - Store Equipment} & &2 \\\hline \text { Accounts Payable } & & 3 \\\hline \text { Mortgage Payable } & & 6 \\\hline \text { Great Lakes, Capital } & &2 \\\hline\end{array} Additional information: Withdrawals for the period are $2, and Net Income is $3.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions