1. Why is an adjusting entry needed for certain asset accounts? Which accounts are affected?
  2. What accounts go on the income statement?
  3. What accounts go on the balance sheet?

DAY 4

LO3–The Work Sheet

  1. The Work Sheet–Pulls together all of the information needed to enter adjusting entries and prepare the financial statements.
  2. The work sheet is a tool used by the accountant. None of the adjustments made on the work sheet have any effect on the accounts unless the entries are made in journal form and posted.
  3. Tips for assuring accuracy when preparing a work sheet are as follows:
    • Check that the sum of the debits equal the sum of the credits in the trial balance columns BEFORE making adjustments.
    • Check the adjustment debit total sums and equals adjustment credit total sum BEFORE extending any accounts.
  4. WATCH THIS VIDEO FIRST & OPEN YOUR TEXTBOOK TO PAGE 142
  5. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Exercises E5-9A, E5-9B (click the link to download the spreadsheet to use to complete the exercise–SAVE THIS SPREADSHEET YOU WILL NEED IT TO DO 10 A & 10 B)
  6. WATCH THIS VIDEO & TURN IN YOUR TEXTBOOK TO PAGE 144E
  7. Please SHOW ME EACH ONE BEFORE YOU PROCEED TO THE NEXT ONE:
    1. In-Class Exercise: Complete Exercises E5-11A & 12A, E5-11B & 12B (click the link to download the spreadsheet to use to complete the exercise)