When is the end-of-period worksheet completed?

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Multiple Choice

When is the end-of-period worksheet completed?

Explanation:
The end-of-period worksheet is a working tool used to collect the unadjusted balances, the adjusting entries, and the resulting adjusted balances so you can draft the income statement and balance sheet. You need the effects of the adjusting entries to be included, so the worksheet must be prepared after those entries have been recorded and posted. If you tried to prepare it before adjustments, you’d be missing the changes; if done after closing entries, the period’s activity would already be finalized. Therefore, the worksheet is completed after adjusting entries have been recorded and posted.

The end-of-period worksheet is a working tool used to collect the unadjusted balances, the adjusting entries, and the resulting adjusted balances so you can draft the income statement and balance sheet. You need the effects of the adjusting entries to be included, so the worksheet must be prepared after those entries have been recorded and posted. If you tried to prepare it before adjustments, you’d be missing the changes; if done after closing entries, the period’s activity would already be finalized. Therefore, the worksheet is completed after adjusting entries have been recorded and posted.

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