Search for an example of a worksheet. Explain the different columns included in the worksheet.
Accounting Worksheet
Columns Included:
–Unadjusted Trial Balance
–Adjusting Entries
–Adjusted Trial Balance
–Income Statement
–Balance Sheet
Explanations:
Unadjusted Trial Balance
A column contains all the company’s assets, liability, expenses, and revenue accounts, which are used in a concerned year.
Adjusting Entries
All the accounts of the company, which requires the passing of the adjustment entry will get listed in the adjustment column.
Adjusted Trial Balance
The adjusted trial balance will be prepared by combining the entries of the previous two columns, Unadjusted trial balance, and adjustments.
Income Statement
A column contains the values concerning the expenses and revenue accounts only. In this case, if the value of total revenue exceeds the expense column, then the difference will be the net income of the year of the company as it is earning more revenues in the year than what it is spending on its expenses.
Balance Sheet
A column contains the values with respect to the assets, liabilities, and owner’s capital only.
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