How would you explain the purpose of the adjusted trial balance? When is the trial balance...

How would you explain the purpose of the adjusted trial balance? When is the trial balance prepared?

Expert Solution

An adjusted trial balance is a listing of all the account titles and balances contained in the general ledger after the adjusting entries for an accounting period have been posted to the accounts.

The adjusted trial balance is an internal document and is not a financial statement. The purpose of the adjusted trial balance is to be certain that the total amount of debit balances in the general ledger equals the total amount of credit balances.

When ledger postings are completed and accounts are balanced, the next phase in the accounting cycle is preparation of a Trial Balance. This phase helps to verify whether sum of the debit balances is equal to the sum of the credit balances. This is an essential phase before proceeding further to prepare the final accounts at the end of accounting period. However, Trial Balance is generally prepared at quarterly interval in practice to check the arithmetic accuracy of accounts.

Trial Balance is a statement of ledger balances at a particular point of time. At all points of time sum of all debit balances must be equal to sum of all credit balances.

ekkarill92 answered 1 year ago

Given an adjusted trial balance how do you calculate profit and the total assets from the adjusted trial balance.

Given an adjusted trial balance how do you calculate profit and the total assets from the adjusted trial balance. There was also another thing she wanted to know, but I can't remember what it was. All she ever showed us how to do was fill out the balance sheet, income statement, and to close accounts. We only brushed over adjusted trial balances and then it was a main part of the test.

Explain the difference between the adjusted trial balance and the postclosing trial balance.

Balance Sheet from Adjusted Trial Balance The following is the alphabetical adjusted trial balance of the...

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Explain the difference between the adjusted trial balance and the post-closing trial balance. Explain what Retained...

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Which of the following errors would cause the adjusted trial balance to not balance? A. posting...

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The adjusted trial balance is prepared

The adjusted trial balance is prepared a. to determine whether the balance sheet is in balance. b. to verify the equality of total debit and credit balances. c. to determine the net income or loss. d. for all of these reasons.

Adjusted Trial balance &nb

Adjusted Trial balance Debits Credits Cash 400 Short-term Investments 210 Accounts Receivable 330 Supplies 150 Notes Receivable (Long Term) 120 Land 100 Buildings 340 Equipment 200 Accumulated Depreciation 360 Accounts Payable 350 Unearned Revenues 110 Notes Payable (Long Term) 140 Common Stock 80 Additional Paid-In Capital 130 Retained Earnings 180 Service Revenue 870 Interest Revenue 30 Interest Expense 40 Wages Expense 300 Supplies Expense 60 _____ _____ 2,250 2,250 Based on the adjusted trial balance shown above:...

This is a partial adjusted trial balance of Sunland Company. SUNLAND COMPANY Adjusted Trial Balance January...

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The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance...

The adjusted trial balance of Monona Inc. as of December 31, 2020, follows. Adjusted Trial Balance December 31, 2020 Acct. No. Account Debit Credit 100 Cash $18,000 $ 104 Accounts receivable 35,000 105 Allowance for doubtful accounts 1,775 106 Inventory 40,000 108 Prepaid insurance 2,400 150 Land 5,725 155 Building 100,000 156 Equipment 30,000 162 Accumulated depreciation 6,250 202 Accounts payable 37,500 204 Salaries payable 2,250 208 Deferred service revenue 1,000 210 Interest payable 250 240 Note payable 75,000 302...

Below the Adjusted Trial Balance for Torr's Towing Services is given. Using the Adjusted Trial Balance...

Below the Adjusted Trial Balance for Torr's Towing Services is given. Using the Adjusted Trial Balance prepare the closing entries at June 30, 2019 (on a piece of paper) and select the correct answer to the questions asked about the closing entries. TORR'S TOWING SERVICES WORKSHEET FOR THE YEAR ENDED JUNE 30, 2019 ADJUSTED TRIAL BALANCE ACCOUNT TITLES DEBIT ($) CREDIT ($) Cash 56,820.00 Accounts Receivable 28,200.00 Towing Supplies 9,000.00 Notes Receivable 2,500.00 Land 180,000.00...

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