The amount of the supplies used during a fiscal period is an expense.

Adjusting entries must be posted to the general ledger accounts.

The accounting concept Consistent Reporting is being applied when a word processing service business reports revenue per page one year and revenue per hour the next year.

Many businesses choose a one-year fiscal period that ends during a high business activity time of the year.

If an amount is written in an incorrect column of a work sheet, the error should be erased and the amount should be written in the correct column.

Two financial statements are prepared from the information on the work sheet.

Net Income on a work sheet is calculated by subtracting the Income Statement Debit column total from the Income Statement Credit column total.

If the Trial Balance columns are not equal and the difference can be evenly divided by 9, then the error most likely is a transposed number.

When the Income Statement Debit column total is greater than the Income Statement Credit column total of a work sheet, the business has a net income.

The two accounts affected by the adjustments for supplies are supplies and supplies expense.

Making adjustments to general ledger accounts is an application of the Matching Expense with Revenue accounting concept.

When you use double lines it mean that the column totals have been not verified as correct.

The heading of a work sheet includes the name of the company, the name of the report, and the date of the report.

The accounting concept Consistent Reporting is applied when the same accounting procedures are not followed in the same way in each accounting period.