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ลำดับตอนที่ #11 : [[R.S.]]Accounting Test::Chapter.8::14.12.11
Review Sheet of Accounting for
Chapter 8 Test* 14.Dec.2011
Chapter.8 :: The Six-Column Work Sheet [[Page.180]]
8-1 Preparing the Work Sheet [[Page.182]]
- The maximum period covered by the accounting cycle is one year.
- A work sheet is a working paper used to collect information from the ledger accounts in one place. With this, an accountant gathers all the information needed to prepare the financial statements and to complete the other end-of-period activities.
- The work sheet usually has: the heading, the account name section, the trial balance section, the income statement section, and the balance sheet section.
- The work sheet heading contains: the name of the business, the name of the accounting form, and the period covered by the work sheet.
- A trial balance can be prepared at any time during the fiscal period to prove the general ledger. When a trial balance is prepared at the end of an accounting period, though, it’s prepared as a part of the work sheet.
· The order in account name section is: assets, liabilities, owner’s equity, revenues, and expenses.
· All the general ledger accounts are listed on the work sheet, even those that have a zero balance.
· The end-of-period balance in the general ledger for each account is entered in the appropriate amount column of the Trial Balance section.
ð If an account has a zero balance at the end of the period, a line is drawn in the normal balance column.
ð However, lines were crossed in both debit and credit columns for Income Summary since this account does not have a normal balance side.
- Ruling means ‘drawing a line.’ In accounting, a single rule drawn under a column of amounts means that the entries above the rule are to be added or subtracted. The double rule means that the amounts just above are totals and that no other entries will be made in the Trial Balance columns.
- In a Trial Balance section, if the total debits don’t equal the total credits, there’s an error.
8-2 Extending Amounts Across the Work Sheet [[Page.187]]
- The Balance Sheet section of the work sheet contains the “balance sheet accounts” – assets, liability, and owner’s equity accounts.
· After the Trial Balance section is proved, the next step is to extend, or transfer, the appropriate amounts to the Balance Sheet section.
- The Income Statement section of the work sheet contains the revenue and expense accounts.
- After all the amounts in the Trial Balance section are extended to the Balance Sheet and Income Statement sections, each section is totaled.
· Unlike the Trial Balance section, debit and credit totals, the column totals in these two sections will not be equal until the net income or net loss for the period is added.
- In accounting, expenses incurred in an accounting period are matched with the revenue earned during the same period. This comparison is referred to as the matching principle.
- After the Income Statement section columns are totaled, total expenses (the debit column total) are subtracted from total revenue (the credit column total) to find the net income.
· Net income is the amount of revenue that remains after expenses for the period are subtracted. It is entered as a debit at the bottom of the Income Statement section.
- Revenues increase capital, while expense decreases capital.
· Net income, therefore, increases capital since revenues exceed expenses. Since the capital account is increased by credits, the amount of the net income is entered in the credit column of the Balance Sheet section of the work sheet.
- To check the accuracy of the net income amount in the Balance Sheet section, subtract the total of the credit column from the total of the debit column. If the result equals the net income computed in the Income Statement section. If not, there’s an error.
- When total expenses are greater than total revenue, a net loss occurs. A net loss decreases owner’s equity. This decrease is shown as debit to the capital account.
· When a net loss occurs, the Income Statement section debit column total (total expense) is greater than the Income Statement section credit column total (total revenue)
- Follow these steps when preparing a six-column work sheet:
1. Write the heading on the work sheet
2. In the Account Name and Trial Balance section, enter the account numbers, names, and balances for all accounts in the general ledger
3. Prove the equality of total debits and total credits in Trial Balance section.
4. Extend the amounts of the Trial Balance section to the appropriate columns in the Balance Sheet and Income Statement sections
5. Total the columns in the Income Statement and Balance Sheet sections
6. Determine the amount of net income or net loss for the period
7. Enter the amount of net income/net loss in appropriate columns in the Income Statement and Balance Sheet sections
8. Total and rule the Income Statement and Balance Sheet sections
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