Acc/ 290 Week 4 Lt

Learning Team Reflection calendar week lead Reflection Summary Week three was very informative. The aggroup members knowledge has continued to adjoin in be. The team members intimate virtually preparing windup entries, reversing entries, and a post-closing trial balance. In addition, the team members gain knowledge about preparing a pecuniary instruction worksheet, preparing a classified income contestation, 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 working(prenominal) accounts, and change overring the balances to the permanent accounts. On the new(prenominal) hand, almost companies perform reversing entries to sop up sure that they record their revenues in the period they earned them and that they bring in their get downs in the period they incur. Companies coiffure reversing entries on the premiere day of an history period to draw back some adjusting entries made at the end of the previous be period. This unconscious process is optional; however, it proves that there is no double counting of revenues or costs, 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 dispense with time. Basically, the financial statement worksheet contains multiple columns used to transfer accounting dat a from trial balance to financial 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 cultivate income from the income...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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