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Chapter 3: Q 21RQ (page 157)

What is a worksheet, and how is it used to help prepare an adjusted trial balance?

Short Answer

Expert verified

Worksheet is doscument prepared internally that summarize the data which assist in preparing the financial statements. It summarizes the accounts of the business and adjustments are recorded in the worksheet, which helps in preparing adjusted trial balance.

Step by step solution

01

Step-by-Step SolutionStep 1: Explanation on Adjusted Trial Balance

It is prepared after the journalizing and posting of adjusting entries in the books of accounts.

02

Sections of Worksheet

Worksheet is divided into four sections such as account names, unadjusted trial balance, adjustments and adjusted trial balance.

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Most popular questions from this chapter

Protection Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a bill. As of the end of the year, Protection Home has collected \(900 from cash-paying customers. Protection Home’s remaining customers owe the business \)1,300. How much service revenue would Protection Home have for the year under the a. cash basis? b. accrual basis?

: Eastside Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Requirements 1. Record the journal entry to record the original receipt of \(180,000 cash. 2. Record the adjusting entry that Eastside Magazine makes to record earning \)8,000 in subscription revenue that was collected in advance. 3. Using T-accounts, post the journal entry and adjusting entry to the accounts involved and show their balances after adjustments. (Ignore the Cash account.)

When are adjusting entries completed, and what is their purpose?

On September 1, 2018, Salem Landscaping collected $24,000 in advance from customers for landscaping services. The service revenue will be earned monthly over the 12-month period ending August 31, 2019. Requirements 1. Journalize the entry on September 1 by using the alternative treatment of deferred revenues. 2. Record the December 31, 2018 adjusting entry

On November 1, Carlisle Equipment had a beginning balance in the Office Supplies account of \(600. During the month, Carlisle purchased \)2,300 of office supplies. At November 30, Carlisle Equipment had $500 of office supplies on hand. Requirements 1. Open the Office Supplies T-account, and enter the beginning balance and purchase of office supplies. 2. Record the adjusting entry required at November 30. 3. Post the adjusting entry to the two accounts involved, and show their balances at November 30.
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