1. The process 2. The Answer 1. fiscal year represents the sequence of steps in the accounting 2. fiscal period 3. accounting cycle 4. Worksheet is a working paper used by accountants to record necessary adjustments and provide up-to-date account balances needed to prepare the financial statements. Answer journal 2 balance sheet 3 accounting cycle 4. worksheet On the worksheet, assets are recorded in which of the following columns? Answer 1. Trial Balance, Credit 2 Income Statement Debit 3. Balance Sheet, Debit 4. Adjusted Trial Balance, Credit Rainy Day Services had $430 of supplies reported on its unadjusted trial balance as of March 31 During the month of March, Rainy Day Services used $175 worth of supplies. What is the entry to adjust supplies? 5. On the worksheet Accumulated Depreciation, Equipment would be recorded in which of the following columns? 6. The Answer 1. Adjusted Trial Balance, Credit 2. Income Statement, Debit 3. Balance Sheet, Debit 4. Income Statement, Credit requires that expenses be matched up with revenue for the same period of time. Answer 1 matching principle 2. expense principle 3. revenue recognition principle 4. separate entity concept Accumulated Depreciation Equipment is reported Answer 1. on the income statement as an expense on the balance sheet as an addition to total assets. on the income statement as a revenue. 4. on the balance sheet as a subtraction from the related asset account Answer 1 Supplies Expense 175 Cash 175 2 Supplies 430 Supplies Expense 430 3 Supplies Expense 256 ser cons 255 4. Supplies Expense 175 175