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Steven Colyer
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Patrick Turner
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Alden Wolfe
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Marlon Riddle
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Brooke Sharp
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Ember Wagner
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Accounting Adjusted Trial Balance Aging Counting Finance Institutions Taxes
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Kaitlynn Baldwin
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Thomas Owen
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Sara Edwards
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When is the adjusted trial balance prepared?
after adjusting journal entries are posted
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The post-closing trial balance differs from the adjusted trial balance in that it…
does not include income statement accounts
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A company used the percent of sales method to determine its bad debts expense. At the end of the current year, the company’s unadjusted trial balance reported the following selected amounts: Accounts Receivable $245,000 debit Allowance for uncollected accounts 300 Credit Net Sales 900,000 Credit All sales are made on credit. Based on past experience, the company estimates 0.5% of credit sales to be uncollectible. What amount should be debited to Bad Debts Expense when the year-end adjusting entry is prepared?
$ 4,500 .005 * $900,000 = $4,500
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Explain and prepare an adjusted trial balance.
An adjusted trial balance is a list of accounts and balances prepared after recording and posting adjusting entries. Financial statements are often prepared from the adjusted trial balance
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Which is the correct sequence of the following steps in the accounting cycle? A. Prepare journal entries, analyze transactions, prepare adjusted trial balance. B. Prepare adjusted trial balance, prepare closing entries, and prepare financial statements. C. Post adjusting journal entries, prepare adjusted trial balance, prepare financial statements. D. Post closing entries, prepare financial statements, prepare adjusted trial balance.
After journalizing and posting all adjusting entries, a company prepares an adjusted trial balance that is the primary basis for preparation of the financial statements. T or F
The adjusted trial balance contains only permanent accounts.
Prepare financial statements from an adjusted trial balance.
Revenue and expense balances are reported on the income statement. Asset, liability, and equity balances are reported on the balance sheet. We usually prepare statements in the following order: income statement, statement of retained earnings, balance sheet, and statement of cash flows.
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What is a false statement about adjusted trial balance?
The adjusted trial balance lists the account balances segregated by assets and liabilities.
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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.
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