1
Accounting 1301 Chapter 5 Questions with
Correct Answers | Updated (100% Correct
Answers)
Accounting Cycle Steps Answer: 1st- analyze business information
2nd- prepare a record of business transactions
3rd-posting (Transferring journal to ledger)
4th- Preparation of the worksheet
5th- Preparing financial statements
6th- Journalizing and posting adjusting entries
Worksheet Answer: is a form used to gather all data needed at the
end of an accounting period to prepare the financial statements
Common Worksheet Answer: The heading-
The company name, report title, and period covered.
5 Sections-
Trial balance, adjustments, adjusted trial balance, income statement,
and balance sheet
Each Section-
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, 2
Includes a debit and credit column.
The worksheet has 10 columns in which to enter dollar amounts
The Trial Balance Section Answer: Recall- if the total debits do not
equal the total credits, there is an error in the financial records.
(1) enter the general ledger account names
(2) transfer the general ledger account balances to the Debit and
Credit columns of the trial balance section
(3) Total the Debit and Credits columns to prove it is in balance
(4) Place a double rule under each Trial Balance column to show
that the work in the column is complete
Added Accounts- Accumulated Depreciation-Equipment, Supplies
Expense, Rent Expense, Depreciation Expense- Equipment
The Adjustments Section Answer: Journal entries made to update
accounts for previously unrecorded items are called adjustments or
adjusting entries.
Recall Answer: Trial Balance- accounts are listed in order
assets
liabilities
© 2025 All rights reserved
Accounting 1301 Chapter 5 Questions with
Correct Answers | Updated (100% Correct
Answers)
Accounting Cycle Steps Answer: 1st- analyze business information
2nd- prepare a record of business transactions
3rd-posting (Transferring journal to ledger)
4th- Preparation of the worksheet
5th- Preparing financial statements
6th- Journalizing and posting adjusting entries
Worksheet Answer: is a form used to gather all data needed at the
end of an accounting period to prepare the financial statements
Common Worksheet Answer: The heading-
The company name, report title, and period covered.
5 Sections-
Trial balance, adjustments, adjusted trial balance, income statement,
and balance sheet
Each Section-
© 2025 All rights reserved
, 2
Includes a debit and credit column.
The worksheet has 10 columns in which to enter dollar amounts
The Trial Balance Section Answer: Recall- if the total debits do not
equal the total credits, there is an error in the financial records.
(1) enter the general ledger account names
(2) transfer the general ledger account balances to the Debit and
Credit columns of the trial balance section
(3) Total the Debit and Credits columns to prove it is in balance
(4) Place a double rule under each Trial Balance column to show
that the work in the column is complete
Added Accounts- Accumulated Depreciation-Equipment, Supplies
Expense, Rent Expense, Depreciation Expense- Equipment
The Adjustments Section Answer: Journal entries made to update
accounts for previously unrecorded items are called adjustments or
adjusting entries.
Recall Answer: Trial Balance- accounts are listed in order
assets
liabilities
© 2025 All rights reserved
