Once all entries have been recorded in the worksheet you should:

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All of the above options are necessary to finalize the accounting process. Totaling all the columns ensures that all entries have been recorded accurately. Checking the total of asset accounts against the total of liability and equity accounts ensures that the accounting equation (Assets = Liabilities + Equity) is balanced. Finally, using the column totals to prepare a balance sheet and income statement helps to present a clear picture of the financial position and performance of the business.

Once All Entries Have Been Recorded in the Worksheet You