In class student were introduced to the 10-column worksheet which organized accounting data that is eventually used to produce various financial statements (Income Statement, Statement of Retained Earnings, Balance Sheet and Statement of Cash Flows). Students also learned about adjustments that must be made before producing such accounts and are as follows:
1) Merchandise Inventory
2) Supplies
3) Prepaid Insurance
4) Federal Corporate Income Taxes
The notes are attached and the homework is listed below.
Notes - 10 Column Worksheet
HW - Finish 8-5 which was started in class.
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