Reference no: EM133007149

Problem 1: Worksheets are prepared because

a. they aid in the preparation of the financial statements, adjusting entries, and closing entries.

b. they are necessary for the preparation of the financial statements.

c. they are required by generally accepted accounting principles.

d. they constitute a permanent record of all adjusting entries made for the period.

Problem 2: Assuming an entity is profitable in the current period, the total of the balance sheet credit column in the worksheet will be ____.

a. larger than the balance sheet debit column.

b. larger than the income statement credit column.

c. larger than the income statement debit column.

d. smaller than the balance sheet debit column.