
Concept explainers
(a)
Worksheet: A worksheet is the summarized form of accounting information which is made in order to ensure that the accounts are made properly.
Income Statement: Income Statement is prepared by all the companies by reporting all the expenses and revenues in the statement to calculate the resulting difference of Net
Classified Balance Sheet: A classified Balance Sheet represents the financial information under different heads of classification in order to make it easy for the users of financial statements to understand the financial position of the company.
Classification Heads
- Current Assets
- Long-Term Investments
- Property Plant and Equipment
- Intangible Assets
- Current Liabilities
- Long-Term Liabilities
Stockholder’s Equity
Closing entries: Closing entries are those
To Prepare: The complete Worksheet, Income Statement, Retained Earnings Statement, Classified Balance Sheet, Adjusting entries and Closing entries.
(b)
To Prepare: Income Statement for the month of March.
(c)
To Journalize: the adjusting entries from the adjustment columns of the worksheet.
(d)
To Journalize: the closing entries from the financial statement columns of the worksheet as on March 3, 2019.

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