Principals accounting 2
It has been a while since you studied the steps involved in theworksheet preparation process. Below is a brief summary as arefresher for you. Remember the preparation of the worksheet is astep-by-step process. Approach each step, one step at a time, tomanage the preparation. Notice the worksheet contains five pairs(debit and credit) of columns. The preparation process begins byentering the data in each pair of columns. Start on the left andprogress to the right.
Steps: Trial balance data is obtained from the general ledger.For each account, the balance as of the end of the reporting period(e.g., month) is entered.
End-of-period adjustments are entered into the second pair ofcolumns.
Unadjusted trial balance amounts are combined with adjustmentamounts and entered in the third pair of columns to generate theadjusted trial balance. The adjusted trial balance serves as thebasis for the final two sets of columns, the financialstatements.
Balance sheet related account balances are transferred to thepair of columns associated with the balance sheet. Include allequity accounts in the balance sheet section.
Income statement related account balances are transferred to thepair of columns associated with the income statement. Thedifference between the debit and credit columns is the net incomeor net loss.
Complete the worksheet by ensuring that net income (loss) agreesin the columns devoted to the income statement and the columnsdevoted to the balance sheet.
End-of-period adjustment columns help ensure that alladjustments are accounted for and the resulting, adjusted trialbalance amounts are accurate (e.g., an adjustment to suppliesyields the desired ending balance). Note that adjustments enteredon a worksheet must formally be journalized and posted to thegeneral ledger before completion of the closing process. Thejournal entry process is included here for your review. O
once you become familiar with the process, the preparation of aworksheet is not as complicated as it may appear at firstglance.
Considering the information above. How does preparing aworksheet assist with the end-of-period reportingprocess?
In looking at the worksheet and various steps in thepreparation process, what are some of the Microsoft Excel skillsyou would need to complete a worksheet on the job?
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