Adjusting entries are prepared from 1. When using a worksheet, adjusting entries are journalized a. after the worksheet is completed and before financial statements are prepared. b. before the adjustments are entered on to the worksheet. c. after the worksheet is completed and after financial statements have been prepared. d. before the adjusted trial balance is extended to the proper financial statement columns. 2. Assuming that there is a net loss for the period, debits equal credits in all but which section of the worksheet? a. Income statement columns b. Adjustments columns c. Trial balance columns d. Adjusted trial balance columns 3. Adjusting entries are prepared from a. source documents. b. the adjustments columns of the worksheet. c. the general ledger. d. last year’s worksheet. 4. The net income (or loss) for the period a. is found by computing the difference between the income statement credit column and the statement of financial position credit column on the worksheet. b. cannot be found on the worksheet. c. is found by computing the difference between the income statement columns of the worksheet. d. is found by computing the difference between the trial balance totals and the adjusted trial balance totals. 5. The worksheet does not show a. net income or loss for the period. b. revenue and expense account balances. c. the ending balance in Retained Earnings . d. the trial balance before adjustments. Business Management Assignment Help, Business Management Homework help, Business Management Study Help, Business Management Course Help
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