CHAPTER 6 WORKSHEET FOR A SERVICE BUSINESS THE

CHAPTER 6 WORKSHEET FOR A SERVICE BUSINESS

THE WORKSHEET…. . • Think of this as a math class. When the teacher hands you an assignment it is called a worksheet, right? Well the thought process is almost the same in accounting.

Mr. Prosser’s Poodles Worksheet For the month ending October 31, 20 xx THE IMPORTANCE OF A WORKSHEET. . Trial Balance Debit Account Title Adjustments Credit Debit Income Statement Credit Debit Credit Balance Sheet Debit Credit • A worksheet is simply that it is a document that helps us prepare us for the end of the year. We will do all of the math, bring accounts up to date, and determine net income and loss. • First thing we have to do is name the financial document • Three things go on every document • Name of the business • Name of the financial document • Time that the document is for ( for month/year ending 20 xx)

Mr. Prosser’s Poodles Worksheet For the month ending October 31, 20 xx WHY MAKE THE WORKSHEET? Trial Balance Account Title Debit Adjustments Credit Debit Income Statement Credit Debit Credit Balance Sheet Debit Cash 5718 100 Petty Cash 150 Accts. Rec. – Mr. C Accts. Rec. – Mr. G 100 1025 Supplies Prepaid Insurance 1200 • There are. Pay. 5 components to making the worksheet. Accts. – Mr. E 200 Pay. sure – Mr. 1. Accts. To make the. F general ledger is in 500 balance 5000 Mr. 1. P, Capital We will go back into the general ledger and write down every account we work with and the balance of each of those Mr. P, Drawing 625 accounts to make sure we have balance between debits and credits. Income Summary Sales 3565 Advertising Expense 213 Insurance Exp. Supplies Exp Utilities Exp 134 9265 Totals Credit

Mr. Prosser’s Poodles Worksheet For the month ending October 31, 20 xx 5 STEPS TO MAKING A WORKSHEET Trial Balance Account Title Debit Adjustments Credit Debit Credit Income Statement Debit Credit Balance Sheet Debit Cash 5718 Petty Cash 100 Accts. Rec. – Mr. C 150 Accts. Rec. – Mr. G 100 125 1025 900 Supplies Prepaid Insurance 1200 1100 1. We will go back into the general ledger and write down every account we work with and the balance of Accts. Pay. – Mr. E 200 each of those accounts to make sure we have balance between debits and credits. Accts. Pay. – Mr. F 500. 2. Mr. We to bring all of our accounts 5000 up to date. P, have Capital Mr. P, Drawing 625 Income Summary Sales 3565 Advertising Expense 213 Insurance Exp. 100 Supplies Exp 125 Utilities Exp 134 9265 Totals 225 Credit

Mr. Prosser’s Poodles Worksheet For the month ending October 31, 20 xx 5 STEPS TO MAKING A WORKSHEET Trial Balance Account Title Debit Adjustments Credit Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Cash 5718 Petty Cash 100 150 Accts. Rec. – Mr. C 150 Accts. Rec. – Mr. G 100 125 1025 900 Supplies 1. Prepaid We will go back into the general ledger and write down every account we work with and the balance of Insurance 1200 1100 each of those accounts to make sure we have balance between debits and credits. Accts. Pay. – Mr. E 200 500 Mr. F all of our accounts 500 up to date. 2. Accts. We Pay. have–to bring. 5000 P, Capital 3. Mr. Move our numbers across the sheet for our financial documents. Mr. P, Drawing 625 1. INCOME SUMMAY Income Summary Sales 3565 Advertising Expense 213 Insurance Exp. 100 Supplies Exp 125 Utilities Exp 134 9265 Totals 225

Mr. Prosser’s Poodles Worksheet For the month ending October 31, 20 xx 5 STEPS TO MAKING A WORKSHEET Trial Balance Account Title Debit Adjustments Credit Debit Credit Income Statement Debit Credit Balance Sheet Debit Credit Cash 5718 Petty Cash 100 150 Accts. Rec. – Mr. C 150 Accts. Rec. – Mr. G 100 1. We will go back into the general ledger and write down every account we work with and the balance of 125 1025 900 Supplies each. Insurance of those accounts debits and credits. Prepaid 1200 to make sure we have balance between 100 1100 Accts. Mr. bring E all of our accounts 200 2. We. Pay. have– to 200 up to date. 500 Accts. Pay. – Mr. F 500. 3. Move our numbers across the sheet for our financial documents ( this really step three and four). 5000 Mr. P, Capital 1. Drawing INCOME SUMMARY Mr. P, 625 Income Summary our Net Income or Net Loss 4. To Determine Sales 3565 Advertising Expense 213 Insurance Exp. 100 Supplies Exp 125 Utilities Exp 134 9265 Totals 225 3565 5700 572 8693 2993 Net Income