The steps performed in completing a work sheet are listed below in random order. a. Extend the

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The steps performed in completing a work sheet are listed below in random order.
a. Extend the adjusted trial balance amounts to the Income Statement columns and the Balance Sheet columns.
b. Enter the adjusting entries into the work sheet, based upon the adjustment data.
c. Add the Debit and Credit columns of the unadjusted Trial Balance columns of the work sheet to verify that the totals are equal.
d. Enter the amount of net income or net loss for the period in the proper Income Statement column and Balance Sheet column.
e. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the work sheet to verify that the totals are equal.
f. Enter the unadjusted account balances from the general ledger into the unadjusted Trial Balance columns of the work sheet.
g. Add or deduct adjusting entry data to trial balance amounts and extend amounts to the Adjusted Trial Balance columns.
h. Add the Debit and Credit columns of the Adjustments columns of the work sheet to verify that the totals are equal.
i. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the work sheet to determine the amount of net income or net loss for the period.
j. Add the Debit and Credit columns of the Adjusted Trial Balance columns of the work sheet to verify that the totals are equal.

Indicate the order in which the preceding steps would be performed in preparing and completing a work sheet.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
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Accounting

ISBN: 978-0324188004

21st Edition

Authors: Carl s. warren, James m. reeve, Philip e. fess

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