5. Still More Balance Sheet
You will be the Acme Widget amateur accountant. You will prepare the balance sheet for the second year. You will follow the same procedures as for the first-year balance sheet.
I will give you the pertinent transactions that occurred during Acme operations in the second year. You will prepare a worksheet that records these transactions, showing each one’s effect on the balance sheet, being certain to keep each transaction in balance.
From your worksheet you will prepare a trial balance worksheet. This will put each of the numbers under the appropriate balance sheet heading. Then you can add and subtract to see if the assets balance the liabilities and capital. When you have things in balance, you can prepare a balance ...