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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

The first step in preparing a work sheet is to

  1. (a) prepare the trial balance.
  2. (b) prepare the adjustments.
  3. (c) prepare the adjusted trial balance.
  4. (d) extend the amounts from the Adjusted Trial Balance to the Income Statement and Balance Sheet columns.

To determine

Identify the first step in preparing a work sheet.

Explanation

Worksheet:

A worksheet is a spreadsheet. 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.

The five steps that are followed while preparing a work sheet are as follows:

  • Step 1- Prepare the trial balance.
  • Step 2- Prepare the adjustments...

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