Worksheet:
A worksheet is an accounting instrument, which is used at the end of an accounting period to assist in a company’s adjusting and closing entries.
The worksheet is very useful during preparation of closing entries, because it shows clear up-to-date balances of all temporary accounts together in one single place. It also provides a list of all accounts and current balances directly prior to the closing process.
A summarized statement of assets, liabilities, and owner’s equity is known as balance sheet. This statement helps the organization to identify the financial position of the company for the specific period.
Statement of
Statement of cash flow is a financial statement that shows the cash and cash equivalents of a company for a particular period of time. It shows the net changes in cash, by reporting the sources and uses of cash as a result of operating, investing, and financing activities of a company.
Adjustments entries are necessary in the following:
To Compute: Changes in prepaid expenses and accrued expenses payable should be entered in the reconciling columns of a worksheet.
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Chapter 12 Solutions
Financial Accounting
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