Principals accounting 2

It has been a while since you studied the steps involved in the worksheet preparation process. Below is a brief summary as a refresher for you. Remember the preparation of the worksheet is a step-by-step process. Approach each step, one step at a time, to manage the preparation. Notice the worksheet contains five pairs (debit and credit) of columns. The preparation process begins by entering the data in each pair of columns. Start on the left and progress to the right.

Steps: Trial balance data is obtained from the general ledger. For each account, the balance as of the end of the reporting period (e.g., month) is entered.

End-of-period adjustments are entered into the second pair of columns.

Unadjusted trial balance amounts are combined with adjustment amounts and entered in the third pair of columns to generate the adjusted trial balance. The adjusted trial balance serves as the basis for the final two sets of columns, the financial statements.

Balance sheet related account balances are transferred to the pair of columns associated with the balance sheet. Include all equity accounts in the balance sheet section.

Income statement related account balances are transferred to the pair of columns associated with the income statement. The difference between the debit and credit columns is the net income or net loss.

Complete the worksheet by ensuring that net income (loss) agrees in the columns devoted to the income statement and the columns devoted to the balance sheet.

End-of-period adjustment columns help ensure that all adjustments are accounted for and the resulting, adjusted trial balance amounts are accurate (e.g., an adjustment to supplies yields the desired ending balance). Note that adjustments entered on a worksheet must formally be journalized and posted to the general ledger before completion of the closing process. The journal entry process is included here for your review. O

once you become familiar with the process, the preparation of a worksheet is not as complicated as it may appear at first glance.

Considering the information above. How does preparing a worksheet assist with the end-of-period reporting process?

In looking at the worksheet and various steps in the preparation process, what are some of the Microsoft Excel skills you would need to complete a worksheet on the job?

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