Answered: Once the adjusted trial balance is in…

Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements. True False

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

Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements.

True

False

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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