# Finishing a Worksheet Chapter 6, Section 3. Review  What is a worksheet?  What are the 4 reasons for using a worksheet?  What is the first step in.

## Presentation on theme: "Finishing a Worksheet Chapter 6, Section 3. Review  What is a worksheet?  What are the 4 reasons for using a worksheet?  What is the first step in."— Presentation transcript:

Finishing a Worksheet Chapter 6, Section 3

Review  What is a worksheet?  What are the 4 reasons for using a worksheet?  What is the first step in completing a worksheet?  What is the next step?

Extending Balances according to Financial Statement  Separate accounts to Income Statement and Balance Sheet columns.  Balance Sheet  Assets, Liabilities, Owner’s Equity  Income Statement  Revenue and Expenses

Extending Balance Sheet Balances on the Worksheet 1.Debit balances without adjustments 2.Debit balances with adjustments 3.Credit balances without adjustments 3 2 1

Extending Income Statement Balances on the Worksheet 1.Sales balance 2.Expense balances without adjustments 3.Expense balances with adjustments 1 3 2

Recording Net Income Totaling and Ruling a Work Sheet 1.Single rule 2.Totals (will not be equal) 3.Net income (Income Statement Credit minus Income Statement Debit) 4.Extend net income6.Totals 6 7 3 5 2 1 4 5.Single rule7.Double rule

Recording a Net Loss 2.Totals 3.Net loss – Income Statement Debit is larger than Income Statement Credit 4.Extend net loss 1.Single rule 2 1 3 4

Assignments  Work Together 6-3 (Textbook pg. 166)  On Your Own 6-3 (Textbook pg. 166)  Application 6-3 (Textbook pg. 173)

Download ppt "Finishing a Worksheet Chapter 6, Section 3. Review  What is a worksheet?  What are the 4 reasons for using a worksheet?  What is the first step in."

Similar presentations