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Accounting cycle service business worksheet and financial statements part 2

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ACCOUNTING CYCLE – SERVICE BUSINESS Part 3 – The Worksheet and Financial Statements LEARNING OBJECTIVES: • Prepare a 10-column worksheet. • Prepare basic financial statements. THE 10-COLUMN WORKSHEET The worksheet is a columnar device to facilitate the preparation of the financial statements by making it easier to transfer data from the trial balance to the financial statements. IS IT POSSIBLE TO PREPARE FINANCIAL STATEMENTS WITHOUT USING A WORKSHEET? Yes. However, it would be very time-consuming to do so if a company has numerous accounts and transactions. 3 CONTENTS OF THE WORKSHEET 1.HEADING – it is consist of three lines: a. Name of the company, b. Title – Worksheet, and c. Period covered 2. Columns for account titles, and ten money columns arranged in five pairs of debit and credit columns namely: 3. The figures which have been lifted from the accounting records of the company. 4 Procedures in filling out the worksheet 1. Fill out the heading of the worksheet (upper let corner of the worksheet). 2. Fill up the account numbers, account titles, and columns 1 and 2. Enter the trial balance data in the first pair of columns (Columns 1 and 2). Foot each column to check the equality of debits and credits. 3. Based on a review of the accounts in the trial balance and examination of additional information, make the necessary adjusting journal entries. 4. Fill up the Adjustments columns (columns 3 and 4) based on adjusting journal entries prepared for the co ...
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