Worksheet Using A Worksheet

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Recording Adjusting and Closing Entries for a Service Business

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Presentation transcript:

Worksheet Using A Worksheet A multiple-column form used in preparing financial statements. Not a permanent accounting record. Five step process. Use of worksheet is optional. SO 1 Prepare a worksheet.

Steps in Preparing a Worksheet Illustration 4-1 SO 1 Prepare a worksheet.

Steps in Preparing a Worksheet Illustration: Illustration 4-2 Preparing a trial balance SO 1 Prepare a worksheet.

Steps in Preparing a Worksheet 1. Prepare a Trial Balance on the Worksheet Trial balance amounts come directly from ledger accounts. Include all accounts with balances. SO 1 Prepare a worksheet.

Steps in Preparing a Worksheet Illustration 3-22 General journal showing adjusting entries Adjusting Journal Entries (Chapter 3) SO 1 Prepare a worksheet.

Steps in Preparing a Worksheet 2. Enter the Adjustments in the Adjustments Columns (a) (b) Adjustments Key: (a) Supplies Used. (b) Insurance Expired. (c) Depreciation Expensed. (d) Service Revenue Earned. (e) Service Revenue Accrued. (f) Interest Accrued. (g) Salaries Accrued. (d) (d) (e) (g) (a) (b) (c) (c) (e) Enter adjustment amounts, total adjustments columns, and check for equality. (f) (f) (g) Add additional accounts as needed. SO 1 Prepare a worksheet.

Preparing Adjusting Entries from a Worksheet The adjusting entries are prepared from the adjustments columns of the worksheet. Journalizing and posting of adjusting entries follows the preparation of financial statements when a worksheet is used. SO 1 Prepare a worksheet.

Steps in Preparing a Worksheet 3. Complete the Adjusted Trial Balance Columns (a) (b) (d) (d) (e) (g) (a) (b) (c) (c) (e) (f) (f) (g) Total the adjusted trial balance columns and check for equality. SO 1 Prepare a worksheet.

Preparing Adjusting Entries from a Worksheet Illustration 3-22 General journal showing adjusting entries Adjusting Journal Entries (Chapter 3) SO 1 Prepare a worksheet.

Steps in Preparing a Worksheet 4. Extend Amounts to Financial Statement Columns (a) (b) (d) (d) (e) (g) (a) (b) (c) (c) (e) (f) (f) (g) Extend all revenue and expense account balances to the income statement columns. SO 1 Prepare a worksheet.