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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Completing an end-of-period spreadsheet

List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet.

a.    Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.

b.    Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are equal.

c.    Add or deduct adjusting entry data to trial balance amounts, and extend amounts to the Adjusted Trial Balance columns.

d.    Add the Debit and Credit columns of the Adjustments columns of the spreadsheet to verify that the totals are equal.

e.    Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to determine the amount of net income or net loss for the period.

f.    Add the Debit and Credit columns of the Adjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.

g.    Enter the adjusting entries into the spreadsheet, based on the adjustment data.

h.    Enter the amount of net income or net loss for the period in the proper Income Statement column and Balance Sheet column.

i.    Enter the unadjusted account balances from the general ledger into the Unadjusted Trial Balance columns of the spreadsheet.

j.    Extend the adjusted trial balance amounts to the Income Statement columns and the Balance Sheet columns.

To determine

Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.

To list: The order in which they would be performed in preparing and completing an end-of-period spreadsheet.

Explanation

The sequence for preparing and completing an end-of-period spreadsheet are as follows:

Step 1:

  • First sequence is to enter the unadjusted account balances from the general ledger into the unadjusted trial balance columns of the spreadsheet. (i)

Step 2:

  • The second sequence is to add the debit and credit columns of the unadjusted trial balance columns of the spreadsheet and to verify that the totals are equal. (a)

Step 3:

  • The third sequence is to enter the adjusting entries into the spreadsheet, based on the adjustment data. (g)

Step 4:

  • The fourth sequence is to add the debit and credit columns of the adjustments columns of the spreadsheet and to verify that the totals are equal. (d)

Step 5:

  • The fifth sequence is to add or deduct adjusting entry data to trial balance amounts, and extend amounts to the adjusted trial balance columns. (c)

Step 6:

  • The sixth sequence is to add the debit and credit columns of the adjusted trial balance columns of the spreadsheet and to verify that the totals are equal...

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