C21 Ch 6 Worksheets

What is the purpose of creating a worksheet? (Select all 3 correct answers)

• to show a record of all the transactions for an account

• summarize the general ledger to prove debits equal credits

•   make adjustments to update accounts

•   calculate the net income or net loss for the fiscal period

How do you write the date on the worksheet for the month of January in the year 20--?

What accounts (that we have used) have a 0 balance in the Trial Balance columns of the worksheet? (select all 3 Correct Answers)

• Supplies Expense

• Insurance Expense

• Income Summary

• Capital

• Supplies

Assets, Liabilities, and Equity accounts are reported on which financial statement columns of the worksheet?

• Balance Sheet

• Income Statement

• Trial Balance

• Equity Statement

Revenues and Expenses are reported in which financial statement columns of the worksheet?

• Balance Sheet

• Income Statement

• Trial Balance

• Adjustments

An American surf board company is busiest in the April, and has lowest sales activity in October. What are they most likely to use as their fiscal year?

• April - September

• October - September

• April - March

• July - June

We used $500 worth of supplies this fiscal period. Select the correct debit AND credit to record this adjustment.

• Debit to Supplies

• Credit to Supplies

• Debit to Supplies Expense

• Credit to Supplies Expense