Create an account
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)
Owner's Equity Accounts (Capital & Drawing)
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