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Work Sheet - Terms
Introduction of an 8 column worksheet for a partnership set up as a merchandising business., and how fill in the heading. Introduction of the trial balance columns, plan/record adjustments to merchandise inventory, supplies and prepaid insurance & prove the equality of the debit and credit columns of a worksheet. Introduction of how to extend balance sheet account balances and income statement account balances on a worksheet, calculate and record the net income or net loss on a worksheet, as well, as total and rule a worksheet.
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| A | B |
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| Inventory | The amount of goods on hand. |
| Merchandise inventory | The amount of goods on hand for sale to customers. |
| Trial Balance | A proof of the equality of debits and credits in a general ledger. |
| Adjustments | Changes recorded on a work seen to update general ledger accounts at the end of a fiscal period. |
| Merchandise Inventory Adjustment | Income Summary - Debit, Merchandise Inventory - Credit |
| Supplies Adjustment | Supplies Expense - Debit, Supplies - Credit |
| Prepaid Insurance Adjustment | Insurance Expense - Debit, Prepaid Insurance - Credit |
| Net Income | Income Statement Credit Column Total - Income Statement Debit Column Total |
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Seven Lakes High School |
| Katy, TX |
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