Count On Us Presentation (Preparation of Worksheet).pdf

Preparation of Worksheet

1. Preparation of
Worksheet
QCRS College Inc.
Prepared by: Sham
Topic

2. Topic Objectives
QCRS College Inc.
Objectives:
Define worksheet.1.
Prepare a worksheet.2.

3. Topic Objectives The Worksheet
QCRS College Inc.
Steps in the accounting cycle:
Identifying and analyzing1.
Journalizing2.
Posting3.
Unadjusted trial balance4.
Adjusting entries5.
Adjusted trial balance (and/or Worksheet)6.
Financial statements7.
Closing entries8.
Post-closing trial balance9.
Reversing entries10.

4. Topic Objectives The Worksheet
QCRS College Inc.
The Worksheet
A worksheet is an analytical device used to facilitate the
gathering of data for adjustments; the preparation of financial
statements and closing entries.
Although optional and not part of the formal accounting
records, worksheets are usually prepared because they greatly
facilitate the orderly preparation of the financial statements.

5. Topic Objectives The Worksheet
QCRS College Inc.
The Worksheet
In practice, worksheets are most commonly prepared using
spreadsheet application (e.g., Microsoft Excel).

6. Topic Objectives The Worksheet
QCRS College Inc.
Refer to pages 278-291
on your book. ☺

7. Topic Objectives The Worksheet
QCRS College Inc.

8. Topic Objectives The Worksheet
QCRS College Inc.

9. Topic Objectives The Worksheet
QCRS College Inc.
Steps 1 and 2: (1) Identifying and
analyzing & (2) Journalizing

10. Topic Objectives The Worksheet
QCRS College Inc.

11. Topic Objectives The Worksheet
QCRS College Inc.

12. Topic Objectives The Worksheet
QCRS College Inc.
Step 3: Posting

13. Topic Objectives The Worksheet
QCRS College Inc.

14. Topic Objectives The Worksheet
QCRS College Inc.
Step 4: Unadjusted trial balance

15. Topic Objectives The Worksheet
QCRS College Inc.

16. Topic Objectives The Worksheet
QCRS College Inc.
Step 5: Adjusting entries

17. Topic Objectives The Worksheet
QCRS College Inc.

18. Topic Objectives The Worksheet
QCRS College Inc.

19. Topic Objectives The Worksheet
QCRS College Inc.

20. Topic Objectives The Worksheet
QCRS College Inc.
Step 6: Adjusted trial balance
(Worksheet)

21. Topic Objectives The Worksheet
QCRS College Inc.

22. Topic Objectives The Worksheet
QCRS College Inc.
Notes: Preparing the Worksheet
1. Account titles used in the adjusting entries but were not previously
included in the unadjusted trial balance are placed at the bottom part of
the “Accounts” column of the worksheet.
2. The debits and credits of the adjusting entries are then placed on the
“Adjustments” column of the worksheet.
3. Amounts in the “Unadjusted trial balance” and “Adjustments” columns
are combined to come up with the adjusted balances of the accounts. The
adjusted balances are placed on the “Adjusted trial balance” columns.

23. Topic Objectives The Worksheet
QCRS College Inc.
Notes: Preparing the Worksheet
To combine amounts, we observe the following rules of debits and credits:
a. Debit and debit means you add.
b. Credit and credit means you add.
c. Debit and credit, or vice versa, means you subtract.

24. Topic Objectives The Worksheet
QCRS College Inc.

25. Topic Objectives The Worksheet
QCRS College Inc.

26. Topic Objectives The Worksheet
QCRS College Inc.
Thank you for your participation! ☺