COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Textbook Question
Chapter 12, Problem 1.1SRQ
Why is a 10-column worksheet used as part of the procedures for adjusting and closing accounts and preparing financial statements?
Expert Solution & Answer
To determine
Describe the reason for using a 10 –column worksheet for adjusting and closing the accounts and for preparing the financial statements.
Explanation of Solution
Worksheet: A worksheet is a common tool used while preparing the financial statements. It is pre-defined form, with multiple columns, to be used in the adjustment process.
The purpose of worksheet:
The worksheet is an auxiliary device that helps in the preparation of the adjusting entries and the financial statements. The worksheet is a common tool used by the accountant for assistance, but it is never a permanent accounting record. The worksheet helps to reduce any mathematical errors. In the worksheet, all the data required for the preparation of the income statement, statement of owner's equity, balance sheet and statement of cash flows is available in the same place.
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What are the current account, financial account, and balance sheet accounts?
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Which two steps in the accounting cycle are aided by the preparation of a worksheet?
Posting journal entries and adjusting the accounts
Journalizing transactions and closing the accounts
Adjusting the accounts and preparing the financial statements
O Analyze source documents and preparing financial statements
After journalizing, the journal entries are transferred to a four-column record where the balances of each account after each transaction can be found. This record is called a/an ____________.
Group of answer choices
ledger or a general ledger
financial statement
journal
balance sheet
Chapter 12 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 12 - Why is a 10-column worksheet used as part of the...Ch. 12 - Prob. 1.2SRQCh. 12 - Prob. 1.3SRQCh. 12 - Prob. 1.4SRECh. 12 - Prob. 1.5SRECh. 12 - Your company prepares financial statements each...Ch. 12 - Prob. 2.1SRQCh. 12 - Prob. 2.2SRQCh. 12 - The trial balance in the first two columns of the...Ch. 12 - Prob. 2.4SRE
Ch. 12 - Prob. 2.5SRECh. 12 - Explain why an error in the amount of an adjusting...Ch. 12 - Why is the accrual basis of accounting favored?Ch. 12 - Prob. 2CSRCh. 12 - How, if at all, does accrued income differ from...Ch. 12 - Prob. 4CSRCh. 12 - Prob. 5CSRCh. 12 - On July 1, 2019, a landlord received 36,000 cash...Ch. 12 - Prob. 1DQCh. 12 - Prob. 2DQCh. 12 - Income Summary amounts are extended to which...Ch. 12 - Prob. 4DQCh. 12 - What types of assets are subject to depreciation?...Ch. 12 - Prob. 6DQCh. 12 - What adjustment is made for depreciation on office...Ch. 12 - What is an accrued expense? Give three examples of...Ch. 12 - Prob. 9DQCh. 12 - What is a prepaid expense? Give three examples of...Ch. 12 - Prob. 11DQCh. 12 - What adjustment is made to record expired...Ch. 12 - What is the alternative method of handling prepaid...Ch. 12 - What is accrued income? Give an example of an item...Ch. 12 - Prob. 15DQCh. 12 - Prob. 16DQCh. 12 - Prob. 17DQCh. 12 - Prob. 18DQCh. 12 - Prob. 19DQCh. 12 - Prob. 20DQCh. 12 - How does the worksheet help the accountant to...Ch. 12 - The beginning inventory of Norcal Wholesalers was...Ch. 12 - Prob. 2ECh. 12 - Prob. 3ECh. 12 - Prob. 4ECh. 12 - Prob. 5ECh. 12 - Prob. 6ECh. 12 - For each of the following independent situations,...Ch. 12 - Prob. 1PACh. 12 - Prob. 2PACh. 12 - Prob. 3PACh. 12 - The Green Thumb Gardener is a retail store that...Ch. 12 - Healthy Eating Foods Company is a distributor of...Ch. 12 - The Artisan Wines is a retail store selling...Ch. 12 - Prob. 1PBCh. 12 - On June 1, 2019, Raquel Ramirez established her...Ch. 12 - Prob. 3PBCh. 12 - Fun Depot is a retail store that sells toys,...Ch. 12 - Whatnots is a retail seller of cards, novelty...Ch. 12 - The Game Place is a retail store that sells...Ch. 12 - The unadjusted trial balance of Bens Jewelers on...Ch. 12 - Prob. 2CTPCh. 12 - The president of Murray Stainless Steel...Ch. 12 - Prob. 1FSA
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- What is the relationship between the accounting equation and the double-entry system of recording journal entries?arrow_forwardAccounting systems are designed to show the increases and decreases in each accounting equation element as a separate record. This record is called a/an ________. Group of answer choices chart of accounts balance sheet trial balance accountarrow_forwardUsing the information contained in the accounts receivable ledger, the accountant can prepare _________. a. The general ledger balance b. The balance sheet c. The income statement d. A schedule of accounts receivable e. None of the abovearrow_forward
- Which of the following accounting records is the main source of information used to prepare the financial statements? A. journal entries B. T-accounts C. trial balance D. chart of accountsarrow_forwardTransferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.arrow_forwardName two types of adjusting journal entries that are commonly made before preparing financial statements? Explain, with examples.arrow_forward
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