Asked by Brooke Patterson on Jul 15, 2024
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The following unadjusted and adjusted trial balances are from the current year's accounting system for Excelsior.
Present the six adjusting entries in general journal form that explain the changes in the account balances from the unadjusted to the adjusted trial balance.
Adjusting Entries
Adjustments entered into the ledger at the closing of an accounting cycle to refresh the account balances before generating financial reports.
Unadjusted Trial Balance
A list of all ledger accounts and their balances at a certain time before any adjustments are made for year-end closing.
Adjusted Trial Balance
The adjusted trial balance is a report of all company accounts that will appear on the financial statements after year-end adjustments are made, ensuring that the total debits equal total credits.
- Absorb and apply the method of creating journal entries for a variety of accounting transactions.
- Compute and elucidate the effects of modifying entries on net income and the precision of financial statements.
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Learning Objectives
- Absorb and apply the method of creating journal entries for a variety of accounting transactions.
- Compute and elucidate the effects of modifying entries on net income and the precision of financial statements.
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