The Six-Column Worksheet - Woodhaven High School

The Six-Column Worksheet - Woodhaven High School

02/25/2020 The SixColumn Worksheet Chapter 8 1 2 02/25/2020 Step 6 Accounting Cycle The Work Sheet Working paper used to collect information from the ledger accounts in one place With

the work sheet, the accountant gathers all of the information needed to prepare the financial statements & to complete the other end-of-period activities 3 02/25/2020 Work Sheet Sections 1. Heading 2. Account name section

All general ledger accounts are listed even if they have a zero balance. Avoids accidentally omitting an account & ensures that the worksheet contains all accounts needed to prepare the financial reports. 3. Trial balance section 4. Income statement section 5. Balance sheet section 4 Balance sheet section

Contains the asset, liability, & owners equity accounts After proving the Trial Balance section, extend or transfer the appropriate amounts to the Balance Sheet section Extend to appropriate debit or credit column on Balance Sheet 02/25/2020 5 02/25/2020 Income statement section

Contains the revenue & expense accounts Revenues Expense balance have a normal credit balance accounts have a normal debit 6 02/25/2020 Totaling the Income Statement & Balance Sheet Sections Once

both sections are totaled, draw a single line across the four Debit & Credit columns indicating that the columns are ready to be added Showing Net Income or Net Loss on the Work Sheet Matching principle- requires matching expenses incurred in an accounting period with revenue earned in the same period Matching revenue w/expenses gives a reliable measure of profit by showing the dollar value of resources used to produce the revenue Owners & managers use this information to analyze results & make decisions

7 02/25/2020 Showing net income on Work Sheet Net Income = Total Revenue Total Expenses Entered as a debit at bottom of Income Statement section Must also be entered as a credit on the balance sheet 8

02/25/2020 Net loss Total expenses is greater than total revenue Decreases owners equity Shown as a debit to the capital account Entered as a credit on income statement & debit on balance sheet

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