COLLEGE ACCOUNTING-ACCESS
4th Edition
ISBN: 9781259995064
Author: Haddock
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 12, Problem 1.1SRQ
Why is a 10-column worksheet used as part of the procedures for adjusting and closing accounts and preparing financial statements?
Expert Solution & Answer
To determine
Describe the reason for using a 10 –column worksheet for adjusting and closing the accounts and for preparing the financial statements.
Explanation of Solution
Worksheet: A worksheet is a common tool used while preparing the financial statements. It is pre-defined form, with multiple columns, to be used in the adjustment process.
The purpose of worksheet:
The worksheet is an auxiliary device that helps in the preparation of the adjusting entries and the financial statements. The worksheet is a common tool used by the accountant for assistance, but it is never a permanent accounting record. The worksheet helps to reduce any mathematical errors. In the worksheet, all the data required for the preparation of the income statement, statement of owner's equity, balance sheet and statement of cash flows is available in the same place.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
Post this on 10 column accounting worksheet and provide adjusted trial balance
Use the following to describe the order of the steps in the Accounting Cycle.
Prompts
Submitted Answers
Step 1
Analyze transactions for debit and credit account
Step 2
Journalize transactions
Step 3
Prepare the General Trial Balance
Step 4
Prepare the Balance Sheet
Step 5
Prepare the Adjusted Balance Sheet
Step 6
Prepare the Retained Earnings Statement
Step 7
Prepare the Adjusted Income Statement
Step 8
Prepare the preclosing Trial Balance
Step 9
Prepare the post-closing Trial Balance
Step 10
Prepare the Income Statement
The required steps in the accounting cycle are listed below in random order. List the steps in the correct order by selecting the numbers 1 to 9 (a) Prepare a post-closing trial balance. (b) Prepare an adjusted trial balance (c) Analyze business transactions (d)Prepare a trial balance. (e)Jornalize the transactions. (f)Journalize and post the closing entries. (g)Prepare the financial statements. (h) Journalize and post the adjusting entries (i) Post to the ledger accounts.
Chapter 12 Solutions
COLLEGE ACCOUNTING-ACCESS
Ch. 12 - Why is a 10-column worksheet used as part of the...Ch. 12 - Prob. 1.2SRQCh. 12 - Prob. 1.3SRQCh. 12 - Prob. 1.4SRECh. 12 - Prob. 1.5SRECh. 12 - Your company prepares financial statements each...Ch. 12 - Prob. 2.1SRQCh. 12 - Prob. 2.2SRQCh. 12 - The trial balance in the first two columns of the...Ch. 12 - Prob. 2.4SRE
Ch. 12 - Prob. 2.5SRECh. 12 - Explain why an error in the amount of an adjusting...Ch. 12 - Why is the accrual basis of accounting favored?Ch. 12 - Prob. 2CSRCh. 12 - How, if at all, does accrued income differ from...Ch. 12 - Prob. 4CSRCh. 12 - Prob. 5CSRCh. 12 - On July 1, 2019, a landlord received 36,000 cash...Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Income Summary amounts are extended to which...Ch. 12 - Prob. 4DQCh. 12 - What types of assets are subject to depreciation?...Ch. 12 - Prob. 6DQCh. 12 - What adjustment is made for depreciation on office...Ch. 12 - What is an accrued expense? Give three examples of...Ch. 12 - Prob. 9DQCh. 12 - What is a prepaid expense? Give three examples of...Ch. 12 - Prob. 11DQCh. 12 - What adjustment is made to record expired...Ch. 12 - What is the alternative method of handling prepaid...Ch. 12 - What is accrued income? Give an example of an item...Ch. 12 - Prob. 15DQCh. 12 - Prob. 16DQCh. 12 - Prob. 17DQCh. 12 - Prob. 18DQCh. 12 - Prob. 19DQCh. 12 - Prob. 20DQCh. 12 - How does the worksheet help the accountant to...Ch. 12 - The beginning inventory of Norcal Wholesalers was...Ch. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - For each of the following independent situations,...Ch. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - The Green Thumb Gardener is a retail store that...Ch. 12 - Healthy Eating Foods Company is a distributor of...Ch. 12 - The Artisan Wines is a retail store selling...Ch. 12 - Prob. 1PBCh. 12 - On June 1, 2019, Raquel Ramirez established her...Ch. 12 - Prob. 3PBCh. 12 - Fun Depot is a retail store that sells toys,...Ch. 12 - Whatnots is a retail seller of cards, novelty...Ch. 12 - The Game Place is a retail store that sells...Ch. 12 - The unadjusted trial balance of Bens Jewelers on...Ch. 12 - Prob. 2CTPCh. 12 - The president of Murray Stainless Steel...Ch. 12 - Prob. 1FSA
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payablearrow_forwardName two types of adjusting journal entries that are commonly made before preparing financial statements? Explain, with examples.arrow_forwardThe __________ is a working paper used by accountants to record necessary adjustments and provide up-to-date account balances needed to prepare the financial statements. a. journal b. balance sheet c. accounting cycle d. work sheetarrow_forward
- These 16 accounts are from the Adjusted Trial Balance columns of a company’s work sheet. In the blank space beside each account, enter the letter of the financial statement column (A, B, C, or D) where a normal account balance is extended. A. Debit column for the Income Statement columns. B. Credit column for the Income Statement columns. C. Debit column for the Balance Sheet and Statement of Owner’s Equity columns. D. Credit column for the Balance Sheet and Statement of Owner’s Equity columns. 1. Interest Revenue 2. Machinery 3. Owner, Withdrawals 4. Depreciation Expense 5. Accounts Payable 6. Service Fees Revenue 7. Owner, Capital 8. Interest Expense 9. Accounts Receivable 10. Accumulated Depreciation 11. Office Supplies 12. Insurance Expense 13. Interest Receivable 14. Cash 15. Rent Expense 16. Wages Payablearrow_forwardIndicate the correct order in which the following 5 steps of the accounting cycle would normally be prepared. (Not yet in order) - Prepare a Trial Balance - Post the Impact of the Journal Entries into their respective general ledger accounts - analyze the impact of economic transactions on the financial statements - Record journal entries to reflect the economic information - identify economic transactions and the related source documents that may impact the company’s financial statements Please order those 5 from start to finish in the correct order, thank you.arrow_forwardDirections: USE THE NUMBERS 1-10 TO PLACE THE FOLLOWING STEPS OF THE ACCOUNTING CYCLE IN THEIR PROPER ORDER, 1 BEING THE FIRST IN ORDER, AND 10 TO THE LAST. A. Analyze business transactions F. Journalize/post-closing entries B. Collect/verify source documents G. Post journal entries C. Complete the worksheet H. Prepare financial statements D. Journalize business transactions I. Prepare a post-closing trial balance E. Journalize/post adjustments J. Prepare trial balancearrow_forward
- Listed below are all the steps in the accounting cycle.(a) Record and post adjusting entries.(b) Post the transaction to the T-account in the general ledger.(c) Record the transaction.(d) Prepare financial statements (income statement, statement of stockholders’ equity, balance sheet, and statement of cash flows).(e) Record and post closing entries.(f) Prepare a trial balance.(g) Analyze the impact of the transaction on the accounting equation.(h) Assess whether the transaction results in a debit or a credit to the account balance.(i) Use source documents to identify accounts affected by external transactions.Required: List the steps in proper order.arrow_forwardFrom the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. Transactions are posted to the ledger.c. An unadjusted trial balance is prepared.d. An optional end-of-period spreadsheet is prepared.e. Adjusting entries are journalized and posted to the ledger.f. An adjusted trial balance is prepared.g. Financial statements are prepared.h. A post-closing trial balance is prepared.arrow_forwardIn the accounting process, financial statements must be prepared _________ A. After the adjusting entries have been made B. Before the adjusting entries are made C. After preparing the post-closing trial balance D. After the adjusting and closing entries The following state ments pertain to a trial balance 1. It is prepared at the end of every accounting period after all the transactions for the period have been recorded and posted to the general ledger. 2. It provides evidence that the total debits in the general ledger equal total credits 3. It is a control device that helps eliminate accounting errors Which of the above statements is/are correct? A. 1 and 2 only B. 1 and 3 only C. 2 and 3 only D. 1, 2 and 3arrow_forward
- A list of accounts and their balances at a given time is called a(n) Select one: a. posting. b. journal. c. trial balance. d. income statement.arrow_forwardRequired: 1. Record the preceding transactions in the general journal. 2. Post the entries to the general ledger. 3. Make the necessary adjustments. 4. Post the adjusting entries to the general ledger. 5. Prepare the worksheet. 6. Prepare the financial statements: a. Statement of Financial Position b. Statement of Comprehensive Income c. Cash Flow Statement d. Statement of Changes in Equity 7. Prepare closing entries. 8. Prepare the post-closing trial balance.arrow_forwardOf the following steps of the accounting cycle, which step should be completed last? a.Transactions are posted to the ledger. b.An adjusted trial balance is prepared. c.An unadjusted trial balance is prepared. d.Adjusting entries are journalized and posted to the ledger.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage
Principles of Accounting Volume 1
Accounting
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:South-Western College Pub
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:9781337679503
Author:Gilbertson
Publisher:Cengage
ACCOUNTING BASICS: Debits and Credits Explained; Author: Accounting Stuff;https://www.youtube.com/watch?v=VhwZ9t2b3Zk;License: Standard Youtube License