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Essay Details:
Essay text:
* Accountants summarize information needed to make
the adjusting and closing entries and to prepare the
financial statements.
· Worksheets may vary in format. The work sheet
illustrated in the chapter has 12 columns-two each for
trial balance, adjustments, adjusted trial balance,
income statement, statement of retained earnings, and
balance sheet.
Objective 3
Prepare and income state- * The information needed to prepare the income state-
ment, statement of retained * ment is in the Income Statement columns of the work
earnings, and balance sheet. Net income for the period is the amount needed
sheet using information to balance the two Income Statement columns in the
contained in the work work sheet...
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