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Business Accounting: Adjusting Entries, Trial Balance, Income Statement

Prepare a business report describing a business problem or incident.

13 Pages1830 Words405 Views
   

Added on  2023-06-04

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This article discusses the importance of trial balance and adjusting entries in business accounting. It explains the purpose of trial balance and how it helps in detecting errors. It also describes the different types of adjusting entries and their significance. The article further highlights the difference between adjusted journal entries and closing journal entries.

Business Accounting: Adjusting Entries, Trial Balance, Income Statement

Prepare a business report describing a business problem or incident.

   Added on 2023-06-04

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Running head: BUSINESS ACCOUNTING
Business accounting
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Business Accounting: Adjusting Entries, Trial Balance, Income Statement_1
1BUSINESS ACCOUNTING
Table of Contents
Step 2 – Journalising adjustment transactions...........................................................................2
Step 3 – Completion of worksheet.............................................................................................3
Step 4 – Income statement.........................................................................................................4
Step 5 – Journalising closing entries..........................................................................................5
Step 6 – Changes in equity and Balance sheet...........................................................................5
Step 7..........................................................................................................................................7
1. Trial balance and purposes of trial balance.....................................................................7
2. Adjustment journal entries and its purposes...................................................................8
3. Adjusted trial balance......................................................................................................9
4. Difference among the adjusted journal entries and the closing journal entries..............9
Reference..................................................................................................................................11
Business Accounting: Adjusting Entries, Trial Balance, Income Statement_2
2BUSINESS ACCOUNTING
Step 2 – Journalising adjustment transactions
Business Accounting: Adjusting Entries, Trial Balance, Income Statement_3
3BUSINESS ACCOUNTING
Step 3 – Completion of worksheet
Business Accounting: Adjusting Entries, Trial Balance, Income Statement_4

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