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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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( Appendix 3A) Describe the structure of the worksheet and the accounting information it contains.

To determine

Concept Introduction:

Steps in Accounting cycle: Accounting cycle is the series of steps of accounting process which processes transactions into financial statements. The steps of accounting cycle are as follows:

  1. Collecting transactions and events.
  2. Recording journal entries for transactions and events.
  3. Posting the journal entries into ledgers.
  4. Preparing unadjusted trial balance from ledger balances.
  5. Recording adjusting entries.
  6. Posting adjusting entries into ledgers and Preparing adjusted trial balance.
  7. Preparing financial statements; Income statement, balances sheet, statement of owner’s equity and Cash flow statements.
  8. Preparing Closing entries to close temporary accounts.
  9. Preparing post closing trial balance.
  10. Recording reversing journal entries (Optional).

To Indicate:

The structure of the worksheet and accounting information contained in it.

Explanation

The worksheet is prepared to prepare the adjusted trial balance, closing the accounts, income statement and balance sheet. Hence it can be said that worksheet is prepared to work on the last steps of the accounting cycle.

The worksheet covers the following steps of the accounting cycle:

  • Recording adjusting entries.
  • Preparing adjusted trial balance.
  • Preparing Closing entries to close temporary accounts...

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