Completing an end-of-period spreadsheet List (a) through (j) in the order they would be performed in preparing
Question:
Completing an end-of-period spreadsheet List
(a) through (j) in the order they would be performed in preparing and completing an endof-
period spreadsheet.
a. Add the Debit and Credit columns of the Unadjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.
b. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to verify that the totals are equal.
c. Add or deduct adjusting entry data to trial balance amounts, and extend amounts to the Adjusted Trial Balance columns.
d. Add the Debit and Credit columns of the Adjustments columns of the spreadsheet to verify that the totals are equal.
e. Add the Debit and Credit columns of the Balance Sheet and Income Statement columns of the spreadsheet to determine the amount of net income or net loss for the period.
f. Add the Debit and Credit columns of the Adjusted Trial Balance columns of the spreadsheet to verify that the totals are equal.
g. Enter the adjusting entries into the spreadsheet, based on the adjustment data.
h. Enter the amount of net income or net loss for the period in the proper Income Statement column and Balance Sheet column.
i. Enter the unadjusted account balances from the general ledger into the Unadjusted Trial Balance columns of the spreadsheet.
j. Extend the adjusted trial balance amounts to the Income Statement columns and the Balance Sheet columns.AppendixLO1
Step by Step Answer:
Corporate Financial Accounting
ISBN: 9781337398176
15th Edition
Authors: Carl Warren, Jefferson Jones