Acc/ 290 Week 4 Lt

Learning Team Reflection calendar week collar Reflection Summary Week three was very informative. The team up up members knowledge has continued to adjoin in be. The team members versed virtually preparing shutting entries, reversing entries, and a post-closing trial balance. In addition, the team members gain knowledge about preparing a pecuniary avowal worksheet, preparing a classified income bidding, 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 shipboard accounts, and change overring the balances to the permanent accounts. On the new(prenominal) hand, several(prenominal) companies perform reversing entries to arouse sure that they record their revenues in the period they earned them and that they distinguish their get downs in the period they incu r. Companies coiffure reversing entries on the premier(prenominal) day of an score period to draw back some adjusting entries made at the end of the previous invoice period. This demonstrate is optional; however, it proves that there is no double counting of revenues or set downs, 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 bear on time. Basically, the financial statement worksheet contains multiple columns used to transfer account ing data from trial balance to financial sta! tements. 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 crystallize income from the income...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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