The steps performed in completing an end-of-period spreadsheet (work sheet) are listed below in random order. a.
Question:
The steps performed in completing an end-of-period spreadsheet (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 spreadsheet (work sheet), based upon the adjustment data.
c. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet (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 spreadsheet (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 spreadsheet (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 spreadsheet (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 spreadsheet (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 spreadsheet (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 spreadsheet (work sheet).
Step by Step Answer:
Accounting
ISBN: 978-0324401844
22nd Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac