Accounting Worksheet Report
VerifiedAdded on  2019/11/08
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AI Summary
This report details the creation and use of an accounting worksheet. It begins with an introduction explaining the worksheet's purpose and components, including the unadjusted trial balance and adjustments for depreciation and other end-of-period entries. A sample trial balance for Paul Services is provided, followed by a detailed explanation of journalizing adjustments, including interest accrued, supplies used, and insurance expense. The report then demonstrates the preparation of an adjusted trial balance, incorporating these adjustments. Using the adjusted trial balance, the report shows the preparation of the income statement, statement of retained earnings, and balance sheet. Finally, the report concludes with the closing entries to finalize the accounting cycle. The report uses the example of Paul Services to illustrate each step of the process, providing a comprehensive guide to accounting worksheet preparation and financial statement generation.
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