The ending balances in the general ledger accounts of Wilderness Rentals for the period ended May 31 follow. 

Instructions

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.

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101 Cash in Bank 105 Accts. Rec.-Helen Katz 110 Accts. Rec.-Polk and Co. 115 Office Supplies 120 Office Equipment 125 Camping Equipment 201 203 205 Accts. Pay. Greg Mollaro Ronald Hicks, Capital 301 305 Ronald Hicks, Withdrawals 310 Income Summary 401 Equipment Rental Revenue 501 Advertising Expense 505 Maintenance Expense 515 Rent Expense 525 Utilities Expense Debit Balances $5,814 717 590 847 4,360 6,130 1,200 - 1,940 1,083 3,500 2,164 Accts. Pay.-Adventure Equipment Inc. Accts. Pay.-Digital Tech Computers Credit Balances $ 1,680 3,554 635 12,760 - 9,716