The Following Accounts Are on the Balance Sheet Section of Great

question 122

Essay

The following accounts are on the Balance Sheet section of Great Lakes Camping worksheet for the month ended January 31,201x.Required: Prepare a classified balance sheet.
$$\begin{array} { | l | c | c | } \hline \text { Account } & \text { Balance Sheet Debit } & \text { Balance Sheet Credit } \\\hline \text { Cash } & 2 & \\\hline \text { Accounts Receivable } & 14 & \\\hline \text { Merchandise Inventory } & 2 & \\\hline \text { Store Equipment } & 6 & \\\hline \text { Accumulated Depreciation - Store } & & \\ \text { Equipment } & & 2 \\\hline \text { Accounts Payable } & & 3 \\\hline \text { Mortgage Payable } & &16 \\\hline \text { Great Lakes, Capital } & & 2\\\hline\end{array}$$
Additional information: Withdrawals for the period are $2,and Net Income is $3.

---

Definitions:

Independent Contractors

Individuals or entities that perform work for others under a contract for services, maintaining control over how the work is completed, rather than functioning as employees.

Co-workers

Individuals who work together in the same organization or workplace.

Negligent

Failure to take proper care in doing something, leading to damage or harm to another person.

Agency

A relationship between two parties, where one, the agent, is authorized to act on behalf of the other, the principal, in legal or business matters.