Question

Name and describe teh five parts of a six collumn work sheet.

Answer 1

The five parts of a six-column worksheet in accounting are Account Titles, Debit and Credit Trial Balance columns, Adjustments Debit and Credit columns, Adjusted Trial Balance, and Income Statement and Balance Sheet columns, which aid in the preparation of financial statements.

Step-by-step explanation:

The five parts of a six-column worksheet in accounting are:

1. Account Titles: This column lists the names of the accounts affected by transactions during an accounting period.
2. Debit and Credit Trial Balance: These two columns include the balances of all accounts and ensure that the debits equal the credits as per the double-entry accounting system.
3. Adjustments Debit and Credit: Any changes made to account balances to account for accruals, depreciations, or adjustments are entered here before preparing the financial statements.
4. Adjusted Trial Balance: After entering adjustments, the adjusted debits and credits are placed in these columns to again check the equality of debits and credits.
5. Income Statement Debit and Credit and Balance Sheet Debit and Credit: These columns are used to sort the adjusted balances into either the income statement or the balance sheet categories, which help in preparing the final financial statements.