Concept explainers
(a)
Worksheet: A worksheet is the summary of accounting information that is prepared to ensure that the accounts are recorded correctly for financial statements preparation. It reflects the temporary and permanent account both.
To prepare: The worksheet for Company V.
(b)
Classified Balance Sheet: A balance sheet is a statement showing position of all assets, liabilities and equity of the company at a specific time. When assets, liabilities and shareholders’ equity are further sub-categorized to make it more readable and understandable then it is called classified balance sheet
To Prepare: The Classified balance sheet for Company V.
(c)
Adjusting Journal Entries: Companies need to record the journal entries at the end of accounting period to apply the matching and revenue recognition principles. These journal entries are
To record: The adjusting entries for Company V.
(d)
Closing Entries: Journal entries, which transfer the balances from temporary accounts to income summary or
To record: The closing entries for Company V as on Dec. 31, 2017.
(e)
To prepare: Post-closing
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Accounting Principles 12th Edition
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