12-column worksheet
12-cool-lumn worksheet
Naranasan mo na bang mag-adjust? Yung akala mo okay na lahat, tama na ang lahat pero kapag tapos ka na, saka mo lang mare-realize na mali pala. Sakit ano?
Oh, cut that drama. Take a look on the informations below to ease the pain of adjusting entries.
Our 12-column worksheet is composed of 2 columns for Trial Balance, 2 columns for Adjustments, and 2 columns of Adjusted Trial Balance, 2 columns of Cost of Sales, 2 columns of Income Statement, and 2 columns of Balance Sheet.
This is an example of 12-column worksheet by Mr. Randy Palestina; our bookkeeping teacher.
These are sample videos taken from www.youtube.com.
THINGS THAT I NEED TO REMEMBER WHEN DOING AN 12-COLUMN WORKSHEET
1. Trial balance should be accurate.
2. Write the heading.
3. The arrangement of the account titles will always be based from the Chart of Accounts. According to unknown (which wishes to be unknown), cash is the most liquid asset that’s why it comes first.
4. Write the values aligned with the account titles.
5. Trial balance is composed of assets, liabilities, and owner’s equity. Note: You should place the value of the account titles in their proper places for it to be balanced.
6. Adjustments is composed of the adjusted value given in the transactions.
7. Adjusted trial balance is composed of adjusted entries in the unadjusted trial balance.
8. Cost of sales is composed of merchandise inventory beginning, purchase and purchase related accounts, freight in, and merchandise inventory ending which is credited to be deducted to the merchandise inventory beginning.
9. Income statement is composed of sales and sales related accounts, operating expenses and the value of cost of sales.
10. The balance sheet is composed of assets excluding the merchandise inventory beginning, liabilities, capital and drawing of the owner, and merchandise inventory ending. e.g.
9. See to it that the net income of income statement and balance sheet are the same to know that it is correct.
10. In determining the net income if it’s net profit or net loss:
Net profit – if the difference of the income statement and balance sheet is located in the debit of the income statement and credit of the balance sheet
Net loss – if the difference of the income statement and balance sheet is located in the credit of the income statement and debit of the balance sheet
Doing 12-column worksheet is not cool, especially when you have time limit which is two hours and take note: no to errors because it will be deducted to your score. All emotions, pressure, blood, internal organs, etc., are shaking. It is hard to be careful. "Darating at darating ka talaga sa point na magkakamali ka." Actually, if you have one error, it is still acceptable. When it exceeds one, say HI to another 12-column worksheet. You'll dare to repeat again because it is 12-shit-column and it is really time consuming to write!
BUT! Learnings will always follow after error/s or mistake/s. That's life. You'll need to overcome struggles and challenges to become successful.
