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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

  1. 1. List the following classifications of accounts in all of the columns in which they appear on the work sheet, with the exception of the Adjustments columns. (Example: Assets)

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  1. 2. List Net Income in the appropriate columns.

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1.

To determine

Indicate the columns in which the given accounts appear on the worksheet, excepting the adjustments column.

Explanation

Worksheet: Worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements. Worksheet is a central place where trial balance, adjustments, adjusted trial balance, income statement, and balance sheet are presented.

Indicate the columns in which the given accounts appear on the worksheet, excepting the adjustments column.

Figure-1

Description:

  • ■ Assets are one of the components of balance sheet and have a normal debit balance. So, assets are recorded on the debit column of trial balance, adjusted trial balance, and balance sheet of worksheet.
  • ■ Accumulated Depreciation account is the contra account to Equipment account. Equipment account is an asset account and has a normal debit balance, hence, in contrary Accumulated Depreciation account has credit balance. Accumulated Depreciation is a contra-asset account. So, contra-assets are recorded on the credit column of trial balance, adjusted trial balance, and balance sheet of worksheet...

2.

To determine

Indicate the columns in which net income appears on the worksheet.

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