Quiz 4: Adjustments, Financial Statements, and Financial Results

Business

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Trial balance: Trial balance is a statement or a list of Debit balance and Credit balance of the accounts of ledger. It is prepared at a certain interval of period, which is mostly one financial year. Adjusted trial balance will be prepared as follows: img 2. The main reason of Closing of books at the end of financial year is to transfer all the temporary account balance in to the permanent account. As a result, at the end it fetches zero balance in temporary accounts. Closing Journal entry for the given transactions will be prepared as follows: img 3. Now, the post adjustment trial balance will be prepared as follows: img

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