The following question ("How do you prepare a worksheet for a service business in North Albuquerque?") was recently posed by a local CPA firm in the North Albuquerque, NM area. Their response for our readers:
The unadjusted or opening trial balance is prepared in the first two columns of the worksheet. Adjustments are then made to the accounts to arrive at an adjusted trial balance. Account balances from the adjusted trial balance then go either to the income statement or to balance sheet columns.
Local CPAs in the North ABQ area weigh in on preparing a worksheet:
The preparation of the worksheet provides a quick review of all of the ledger balances as well as the adjusting journal entries.
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