Prepare work sheet showing trial balance, adjustments, adjusted trial balance, income and balance sheet.
Prepare work sheet showing trial balance, adjustments, adjusted trial balance, income and balance sheet.
Set up 11 columns for your worksheet.
Column 1 is the name of your Accounts
Columns 2 & 3 is your Trial Balance
Columns 4 & 5 is for your Adjustments
Columns 6 & 7 is your Adjusted Trial balance
Cloumns 8 & 9 is for the Income Statement
Columns 10 & 11 is for your Balance Sheet
Columns 2,4,6,8,10 are your Debits
Columns 3,5,7,8,11 are your Credits
The accounts in the Adjusted Trial Balance transfers to the Income Statement & the Balance Sheet
The difference in Debits and Credits in the Income Street goes into the Balance Sheet as Retained Earnings.
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