12-column Worksheet

We also tackled about preparing a 12-column worksheet.

According to My Accounting Course (n.d.), an accounting worksheet is a table of data usually prepared by accountants at the end of an accounting period. It is used to prepare accounting information and reports. Accounting worksheets are most often used to draft an unadjusted trial balance, adjusting journal entries, adjusted trial balance, and financial statements.

Even though it is an informal document, there are still benefits in doing the worksheets. Worksheets make transferring t-accounts into an adjusted trial balance much easier. Worksheets also reduce the risk of making errors when producing financial statements. Worksheets can also be used for planning purposes. Since the worksheets are used to make adjusting journal entries, managers can examine the worksheets before the adjustments are posted to see their effect on the overall financial statements. Worksheets can also be helpful in preparing interim financial statements (My Accounting Course, n.d.).

In preparing the worksheet for this document, a 12-column worksheet is needed. It involves the trial balance, adjustments, adjusted trial balance, cost of sales, income statement and balance sheet.

Bookkeeping students can also refer to these websites as their guide in preparing the 12-column worksheet.

This blog is written by ram shah which discusses the step by step preparation of the worksheet. Although it only focuses in a 10-column worksheet, it can still help us bookkeeping students prepare the 12-column worksheet. (URL source: http://onlineaccountreading.blogspot.com/2014/08/the-worksheet.html)

This website provides an example of a worksheet. However, it only displays a 10-columnn worksheet but it can still help us since only cost of sales was added to the 12-column worksheet. (URL source: http://accountingexplained.com/financial/cycle/accounting-worksheet)

This website also provides an explanation of a worksheet. It also provides the format and example. (URL source: http://www.myaccountingcourse.com/accounting-cycle/accounting-worksheet)

This is a downloadable powerpoint presentation which also provides information about worksheets. It can help us because it explains comprehensively how a worksheet is prepared. (URL source: www.prenhall.com/divisions/bp/app/slater/8e/ppt/chap12.ppt)

To wrap it up, worksheet is an informal document prepared by accountants and/or bookkeepers to show the unadjusted trial balance, adjustments, adjusted trial balance and the financial statements. Preparing the worksheets can help accountants and/or bookkeepers rewrite t-accounts easier, and avoid errors in making the financial statements.

I’ve learned how to prepare a 12-column worksheet. Actually, the only difference from preparing a 10-column worksheet and a 12-column worksheet is that the adjustments are added in the 12-column worksheet that’s why it’s an ‘average’ for me. However, it was hard for me especially in doing the scaffold since it involved all the lessons that we’ve discussed starting from the journal entries. It was really confusing and I hope I can do well in our PT. This document is really important because we will know and see the mistakes in the recording of the transactions during that period. Also, it helps us avoid mistakes in preparing the financial statements. If a bookkeeper or accountant will oversee these things, there will be no problems in the financial records of a company.

Reference:

My Accounting Course. (n.d.). Worksheets. Retrieved April 21, 2017 from

http://www.myaccountingcourse.com/accounting-dictionary/worksheets