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What is the major difference between unadjusted trial balance and trial balance?
unadjusted will not have your final entries for that period. some of those entries may be accrued revenues or expenses, depreciation, and balancing entries. the adjusted balance is your final balance after all adjustments are made.
Could there be errors in journal entries when the trial balance agrees and if so under what circumstances?
Yes, there could be errors even when the trial balance agrees. For example, the columns in a trial balance would still agree if an entry was omitted or entered incorrectly in the same amounts in corresponding accounts.
Where can closing entries be found?
balance sheet
How do you adjust entries in trial balance?
you must see additional information and adjusting entries prepare an accordance with accept principles. The balance is accrued or prepaid
Why adjusting entries are necessary?
Adjusting entries are necessary to ensure that accounts balance. When accounts don't balance it may indicate that the company is being mismanaged.
The purpose of transferring the journal entries to the account is known as?
Posting the entries to create a Trial Balance.
What is the balance in the Cash account after you made all the entries?
c
Do adjusting entries always have an effect on the balance sheet?
yes
The accounting process is correctly sequenced as?
Inentify the transaction Analyze the transaction Journal Entries Post to Ledger Trial Balance Adjusting entries Adjusted Trial Balance Financial Statements Closing Entries After-Closing Trial Balance
What is the major difference between adjusted trial balance and trial balance?
The trial balance is just that, a "trial" balance. It shows where the company stands at a certain point in time. the "adjusted trial balance" does the same thing with one slight difference, it's the balance after all adjusting entries are made. These entries may include, the expiration of pre-paid insurance, payments received and the closing of the books for the period. For example, you can begin your month with a trial balance, to ensure everything is correct, at the end of the month you have made all your adjusting entries and transactions, after this point you want to have your adjusted trial balance (because entries have been "adjusted" for the period)
What is the major difference between the Unadjusted Trial Balance and the Adjusted Trial Balance?
Adjusting entries are recorded in the adjusted Trial Balance. The adjusted entries may be accrued revenues that are not recorded but earned and accrued expenses that include wages, commissions, interest, etc.
How entries are posted from general ledger to trial balance?
Extract of head of account wise debit balance or credit balance from the general ledger has to be posted in the trial balance.
