Accounting 7.1 - 7.3

16 terms by hbarrett93 

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What is the 3 line heading on a work sheet?

"Title Of Company"
Worksheet
For Month Ended "Date"

What is listed under the trial blance columns on the worksheet?

The total of all debit accounts that are equal to the total of all credit account balances

The Concept Of Matching Expenses With Revenus Relating To Adjustments

Any revenue that has expenses associated with it must be recorded in the same fiscal period

The four questions asked in analyzing an adjustment on a worksheet

1. What is the balance of account?
2. What should the balance be for this account?
3. How do you correct the amount balance?
4. What adjustment is made?

Accounts extended into the BALANCE SHEET

Assets (Cash, petty cash, AR, supplies, prepaid insurance)
Liabilities (AP)
Owner's Equity Accounts (Capital & Drawing)

Accounts extended into the INCOME STATEMENT

Revenue (Sales)
Expenses

Credit column of balance sheet

Where net income is recorded

Debit column of balance sheet

Where net loss is recorded

Fiancial information

Always summarized and reported at the end of a fiscal period

Worksheets are always prepared in

Pencil

All accounts

Listed in order from chart of accounts on the work sheet's trial balance

Recorded as debit to supplies expense

The value of supplies used during a fiscal period

Prepaid Insurance - Unused Insurance

Insurance coverage used during the fiscal period

Adjustments debit and credit columns of a worksheet

Must be the same

Total expenses - total revenue

Net loss

Total revenue - total expenses

Net income

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