Adjusting Entries in an Automated World

Adjusting Entries in an Automated World - worksheet is...

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Adjusting Entries in an Automated World—Using a Worksheet As its name suggests, the worksheet is a working tool for the accountant. A worksheet is not a permanent accounting record ; it is neither a journal nor a part of the general ledger. The worksheet is merely a supplemental device used to make it easier to prepare adjusting entries and the financial statements. Small companies with relatively few accounts and adjustments may not need a worksheet. In large companies with numerous accounts and many adjustments, a
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Unformatted text preview: worksheet is almost indispensable. Illustration 4A-1 shows the basic form of a worksheet. Note the headings: The worksheet starts with two columns for the Trial Balance. The next two columns record all Adjustments. Next is the Adjusted Trial Balance. The last two sets of columns correspond to the Income Statement and the Balance Sheet. All items listed in the Adjusted Trial Balance columns are included in either the Income Statement or the Balance Sheet columns. Illustration 4A- Form and procedure for a worksheet...
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Adjusting Entries in an Automated World - worksheet is...

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