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7-2 APPLICATION PROBLEM Preparing a balance sheet A form is given below. The following information is obtained from the work sheet of Len's Laundry for

7-2 APPLICATION PROBLEM Preparing a balance sheet A form is given below. The following information is obtained from the work sheet of Len's Laundry for the month ended August 31 of the current year. ACCOUNT TITLE BALANCE SHEET DEBIT CREDIT Cash Accts. Rec.-Natasha Goodlad Accts. Rec.-R. Henry Supplies 760700 70000 49800 43 100 20000 s Prepald Insurance Acts. Pay-Tri-County Supplies Accts. Pay-West End Supply Co. 38 100 55500 7 65 2700 8 Leonard Long, Capital Leonard Long, Drawing 0 Income Summmary 100000 10 10 43600 746300 17 18 Net Income 19 20 297300 18 1043600| i04 3600 19 20 Instructions: Prepare a balance sheet for August 31 of the current year. 1. Application Problem 7-2 Aa Aa Note: Please list account titles in the order as shown on work sheet

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