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1.
T-Account: T-Account is a form of ledger account in which the debit entries are shown at the left side of the account and credit entries are shown at the right side of the account.
Worksheet: A worksheet is a spreadsheet used while preparing a financial statement. It is a type of form having multiple columns and it is used in the adjustment process. The use of a worksheet is optional for any organization. A worksheet can neither be considered as a journal nor a part of the general ledger.
Adjusted
Income Statement: Income Statement is a financial statement that is prepared by all the companies by enumerating all the expenses and revenues to calculate the resulting difference of Net
Closing entries: Closing entries are recorded in order to close the temporary accounts such as incomes and expenses by transferring them to the permanent accounts such as retained earnings. It is passed at the end of the accounting period, to transfer the final balance.
Post-Closing Trial Balance: After passing all the
Formula:
To Open: T-accounts using the balances in the unadjusted trial balance.
2.
To Complete: The worksheet for the year ended December 31, 2018.
3.
To prepare: Adjusting entries.
4.
To prepare: An adjusted trail balance.
5.
To prepare: Company’s income statement for the year ended December 31, 2018.
6.
To Prepare: The closing entries for Company at December 31, 2018.
7.
To Prepare: A post-closing trial balance.
8.
To calculate: The Company’s current ratio at December 31, 2018.
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Chapter 4 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition Plus MyLab Accounting with Pearson eText -- Access Card Package (6th Edition)
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