Acc/ 290 Week 4 Lt

Learning Team Reflection calendar week trinity Reflection Summary Week three was very informative. The police squad members knowledge has continued to adjoin in be. The team members learn virtually preparing cloture entries, reversing entries, and a post-closing trial balance. In addition, the team members gain knowledge about preparing a pecuniary education worksheet, preparing a classified income parameter, maintained earnings statement, and balance sheet. The closing journal entries are meaning(a) in the practice of history because at the end of the ac computation period it helps zero the balances of the maverick accounts, and change overring the balances to the permanent accounts. On the new(prenominal) hand, both(prenominal) companies perform reversing entries to beget sure that they record their revenues in the period they earned them and that they avow their get downs in the period they incur. Co mpanies coiffure reversing entries on the beginning day of an story period to draw back some adjusting entries made at the end of the previous be period. This affect is optional; however, it proves that there is no double counting of revenues or expenditures, which makes sure everything is accurate.

The financial statement worksheet is a panache of summarizing accounting data. Companies use the financial statement worksheet to prepare financial statements and drive home time. Basically, the financial statement worksheet contains multiple columns used to transfer accounting data from trial balance to f inancial statements. The financial statement! worksheet is used by accountants and companies to have accounting information in a summarized manner. Companies prepare their financial statements after they go in the adjusted trial balance. They prepare their income statement from the revenue and expense accounts. The retained earnings statement uses the retained earnings account, dividend account, and the figure out income from the income...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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