The 10-column worksheet that I am familiar with will have the general ledger account titles in the first column followed by ten columns of amounts. There will be one debit and one credit column for each of the following five headings:

  1. Trial Balance containing each account's unadjusted balance,

  2. Adjustments containing any adjusting entries,

  3. Adjusted Trial Balance containing the combination of the unadjusted balance and any adjustments,

  4. Income Statement containing the adjusted balances for the revenue, expense, gain and loss accounts, and

  5. Balance Sheet containing the adjusted balances for the asset, liability and owner's equity accounts.


Under the Income Statement columns, the difference between the total of the debit column and the credit column is the amount of net income or net loss. If the total of the credit column is larger than the total of the debit column, it indicates a positive net income (revenues are greater than expenses). If the total of the debit column is larger than the total of the credit column it indicates a net loss (expenses are greater than revenues).

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