Which of the following is the LAST step of preparing the worksheet?
A) Copy the asset, liability, and owners' equity amounts from the adjusted trial balance to the balance sheet columns. Copy the revenue and expense amounts to the Income statement columns. Total each column.
B) Enter the adjusting entries in the adjustments columns, and total the amounts.
C) Compute each account's adjusted balance by combining the trial balance and adjustment figures. Enter each account's adjusted amount in the adjusted trial balance columns.
D) On the Income statement column, calculate profit. Enter profit or loss as the balancing amount on the Income statement and balance sheet columns. Total the Income statement and balance sheet columns.
Correct Answer:
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Q1: Which of the following statements is TRUE
Q3: The adjusting entry for depreciation would include
Q4: Which of the following statements is TRUE
Q5: Please refer to the partially completed worksheet
Q6: In which of the columns of the
Q6: Net profit (loss)is the difference between the
Q7: The last two columns generally found on
Q8: Interest expense in the worksheet's trial balance
Q9: Profit is entered as the balancing amount
Q11: Please refer to the worksheet below.
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