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Worksheet: Worksheet is a multiple-column form, which is used in the adjustment process and for preparing the financial statements of the company. It is not a permanent accounting record.
Notes payable: It refers to the long-term liabilities of the company and liabilities are always of credit in nature. So, it should be extend in the worksheet accordingly. Adjusted trial balance credit column; and balance sheet credit column.
Common stock: Common stock is the part of the stakeholders’ and indicates the ownership. It is always of credit in nature. So, it should be extend in the worksheet accordingly. Adjusted trial balance credit column; and balance sheet credit column.
Utilities expense: Expenses are always debit in nature. So, it should be extend in the worksheet accordingly. Adjusted trial balance debit column; and Income statement debit column.
Service revenue: The revenue is always credit in nature. So, it should be extend in the worksheet accordingly. Adjusted trial balance credit column; and income statement credit column.
To indicate: Financial statement columns of the worksheet for the given accounts of adjusted trial balance.
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Chapter 4 Solutions
ACCOUTING PRIN SET LL INCLUSIVE
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