8/6/2019 The Worksheet
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e Worksheet
It is an accounting device used to facilitate the preparation of adjusting entries, nancial
statements, and closing entries.
e preparation of the worksheet is an optional step in the accounting cycle.e Accountant,
at his discretion, may prepare a 10-column or an 8-column worksheet.
A 10-column worksheet provides for the following ve (5) sections, with debit and credit
money columns:
1. Trial Balance
2. Adjustments
3. Adjusted Trial Balance
4. Income Statement
5. Balance Sheet
e Adjusted Trial Balance is not provided on an 8-column worksheet.
e worksheet is normally accomplished by the Accountant using a pencil, to facilitate
correction of errors.
Formal nancial statements may be already prepared based on the completed worksheet, even
if the adjusting entries are not yet journalized and posted.
e worksheet does not take the place of adjusting and closing entries. ese entries are still
prepared and posted accordingly.
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