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In Summary
Prepare a 10-column worksheet
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A ten-column worksheet is an extension of a six-column worksheet where the four additional
columns are for the income statement, balance sheet and owner’s equity accounts.
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For the income statement columns, the difference between the initial debit and credit totals
is equal to the company’s reported income or loss.
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The debit and credit columns of the balance sheet and equity should have the exact same
difference as the income statement columns.
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Chapter 6 Appendix
The Accounting Cycle: Statements and Closing Entries
