Acc/ 290 Week 4 Lt

Learning Team Reflection














calendar week Three Reflection Summary
Week three was very informative. The team members knowledge has continued to adjoin in be. The team members learned virtually preparing closing entries, reversing entries, and a post-closing trial balance. In addition, the team members gain knowledge about preparing a pecuniary statement worksheet, preparing a classified income statement, 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 temporary accounts, and change overring the balances to the permanent accounts. On the new(prenominal) hand, some companies perform reversing entries to make sure that they record their revenues in the period they earned them and that they recognize their get downs in the period they incur. Companies coiffure reversing entries on the first day of an accounting period to draw back some adjusting entries made at the end of the previous accounting period. This process is optional; however, it proves that there is no double counting of revenues or expenses, 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 save time. Basically, the financial statement worksheet contains multiple columns used to transfer accounting data 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 solve income from the income...If you want to get a full essay, order it on our website: Ordercustompaper.com



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