This is why the Work Sheet is called "The 10 Column Work Sheet".
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What is because it has 10 columns?
100
Prepare the adjustments.
What is step 2 of preparing the Work Sheet?
100
The name of the column that takes the Trial Balance column amounts and adjusts them by the adjustments in the adjustment column of the Work Sheet.
What is the Adjusted Trial Balance column of the Work Sheet? (DUH)
100
The only time adjusting journal entries are posted to the general ledger.
What is always, always, always?
200
This is when you post the journal entries to the general ledger.
What is after all journal entries are completed?
200
The Trial Balance column.
What is the title of the first (numbers) column of the Worksheet?
200
Terms for Supplies not yet used and Prepaid Insurance not yet expired.
What are unused and unexpired?
200
This is always done to the adjustments on the Work Sheet after the Work Sheet is completed.
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What is create journal entries and post the entries to the general ledger accounts?
200
The date used for adjusting journal entries.
What is the last day of the accounting period?
300
This is when you write each account number in the post. ref. column of the journal entry page.
What is *after* each line of the journal entry is posted to the general ledger?
300
The Account Title column.
What is the title of the very first column of the Work Sheet?
300
This is when you calculate the expense amount if the transaction provides The "used up" or expired portion of a prepaid asset.
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What is never, never, never?
300
Adjustments may be made to these accounts and they need a line on the Work Sheet to record the adjustment.
What is the reason that general ledger accounts that have no balances are listed in the Trial Balance column of the Work Sheet?
300
Located on pages 223-224 of the textbook.
What is Comprehensive Problem 1: The Accounting Cycle?
400
The account used when the business owner withdraws money from their business for personal use.
What is the Drawing account?
400
These types of accounts are copied from the Adjusted Trial Balance Column to the Income Statement column of the Worksheet.
What are revenue and expense accounts?
400
The credit account used when recording the depreciation adjustment.
What is Accumulated Depreciation?
400
Should be the same amount as the difference between debit and credit totals of the Income Statement column of the Work Sheet.
What is the amount of difference between the debit and credit columns of the Balance Sheet column of the Work Sheet?
400
The 3 Financial Statements prepared at the end of the accounting period.
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What are the Income Statement, Statement of Owner's Equity and the Balance Sheet?
500
The listing of all accounts and their balances to make sure the debit account total equals the credit account total.
What is the Trial Balance?
500
The account used when recording wages that have been earned but not yet paid.
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What is Wages Payable?
500
Depreciable cost divided by Estimated useful life.
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What is the formula for calculating straight line depreciation?
500
The amount that results when you calculate the difference between the total debits and the total credits of the Income Statement column of the Work Sheet.
What is Net Income or Net Loss?
500
"The General's Favorite Fishing Hole"
What is the name of the business used in our class Comprehensive Problem?