Answered: The adjusted trial balance shows O A.…

The adjusted trial balance shows O A. amounts that may be out of balance. OB. account balances after adjustments. OC. assets and liabilities only. O D. revenues and expenses only.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 12EA: Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have...

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

D1.

The adjusted trial balance shows
OA. amounts that may be out of balance.
OB. account balances after adjustments.
OC. assets and liabilities only.
OD. revenues and expenses only.

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If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? a. Estimate b. Accruals c. Deferrals d. Provision
Account titles found in the adjusted trial balance may be classified into real accounts and nominal accounts,
how do you know if a trial balance or income state, etc... is post-closing, unadjusted, or adjusted?
Describe the effect on the financial statements when an adjustment is prepared that records (a) unrecorded revenue and (b) unrecorded expense.
Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances).
Identify which type of adjustment is associated with this account, and what is the other account in the adjustment? Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. accounts receivable B. interest payable C. prepaid insurance D. unearned rent
Prepare an adjusted trial balance from the following adjusted account balances (assume accounts have normal balances).
The entry to write off an account receivable under the allowance method willT ( A. increase total assets O B. increase net income C. reduce net income D. have no effect on net income)
Which of the following journals would correctly post an adjustment for deferred (prepaid) income? Select one: A. DR Income Account / CR Asset B. DR Asset / CR Income Account C. DR Income Account / CR Deferred Income D. DR Deferred income / CR Income Account
Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciation
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What is the major difference between the unadjusted trial balance and the adjusted trial balance? The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. Unlike the adjusted trial balance, the unadjusted trial balance will continue with the end-of-period processing even if it is not in balance. The adjusted trial balance will be used to record the adjustments for the period. The adjusted trial balance will show the net income (loss) as an additional account.