03-23-2011, 07:15 PM
Hi,
10 column worksheet has one credit and one debit column with the following
- Trial Balance consists each accountâs unadjusted balance.
- Adjustments with any adjusting entries.
- Adjusted Trial Balance with the combination of the unadjusted balance and any adjustments.
- Income Statement holding the adjusted balances for the revenue, expense, gain and loss accounts.
- Balance Sheet containing the adjusted balances for the asset, liability and ownerâs equity accounts.
Net income = total of debit column - total of credit column.
10 column worksheet has one credit and one debit column with the following
- Trial Balance consists each accountâs unadjusted balance.
- Adjustments with any adjusting entries.
- Adjusted Trial Balance with the combination of the unadjusted balance and any adjustments.
- Income Statement holding the adjusted balances for the revenue, expense, gain and loss accounts.
- Balance Sheet containing the adjusted balances for the asset, liability and ownerâs equity accounts.
Net income = total of debit column - total of credit column.
