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1.
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.
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
To prepare: An accounting worksheet.
2.
To prepare: Company’s income statement for the year ended November 30, 2018.
3.
To Prepare: The closing entries for Company at November 30, 2018.
4.
To Prepare: A post-closing trial balance.
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Chapter 4 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters, Student Value Edition (6th Edition)
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