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Use of worksheet in preparing financial statements

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Please help with the following problems about financial accounting and bookkeeping.

What is the 10-column worksheet used to prepare?

Do the debits and credits on the income statement columns balance? Why or why not?

Do the debits and credits on the balance sheet columns balance? Why or why not?

What types of accounts need closing?

What is the proper sequence for closing accounts?

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Solution Summary

This posting helps with problems about financial statements. The solution explains how a worksheet helps in preparing financial statements and the proper sequence for closing

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1. What is the 10-column worksheet used to prepare?

A worksheet is used to to prepare the final financial statements before the formal journalizing and posting of the adjusting and closing entries. It is used to to ensure that all entries are proper, to correct any errors and is a sort of dry run of the closing process. If all figures are correct, then the adjustments made in the worksheet are journalized and posted.

2. Do the debits and credits on the income ...

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