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Published byElfrieda Sherman Modified over 7 years ago
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)
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