6.3 - 8 Column Worksheet Flashcards
(3 cards)
1
Q
The full accounting cycle
A
- transactions occur
- record in journal
- post to ledger
- trial balance
- prepare the worksheet
- adjusting entries
- financial statements prepared
- closing entries
- post closing entry trial balance
2
Q
If an account name doesn’t appear in the trial balance
A
it must be written below
3
Q
Balancing worksheet
A
Total each of the last four columns
Find difference between income statement columns and balance sheet columns
Ensure the differences are the same. IF NOT, then the worksheet contains one or more errors
