Question

When using a work sheet, adjusting entries are journalized after the work sheet is completed and...

When using a work sheet, adjusting entries are journalized

after the work sheet is completed and before financial statements are prepared.

before the adjustments are entered on to the work sheet.

before the adjusted trial balance is extended to the proper financial statement columns.

after the work sheet is completed and after financial statements have been prepared.
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Answer #1

Answer: After the work sheet is completed and after financial statements have been prepared.

Explanation:

The adjusting entries are also journal entries which are posted at the end of the year. The adjusting entries are end of the balances are recorded and adjusted to the any unearned or accrued revnues and prepaid expenses.

The worksheet used adjusting entries are journalized after first completed the work sheet and then after finanacial statemts have been prepared.

The adjusted trial balance work sheet and financial statement is also prepared at the end of accounting period to know the financial position of a company.

Therefore, The worksheet used adjusting entries are journalized after the work sheet is completed and after financial statements have been prepared.

Thus, Option iv) is correct and remaining options are incorrect.

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