Question

a. Use the adjusted trial balance to prepare the December 31 year-end income statement. b. Use the adjusted trial balance to prepare the December 31 year-end statement of owner's equity. The E. Happ, Capital account balance was $69,623 on December 31 of the prior year, and there were no owner investments in the current year. c. Use the adjusted trial balance to prepare the December 31 year-end balance sheet.

Answer 1

It should be noted that a trial balance is a report which lists the balances of the ledger accounts of a company.

How to illustrate the information?

It should be noted that the information is incomplete. Therefore, an overview will be given. It should be noted that the accounts that are reflected on a trial balance are related to the accounting items.

The adjusted trial balance simply lists the general ledger account balances after the adjustments have been made. In such a case, these adjustments typically include prepaid and accrued expenses, and non-cash expenses such as depreciation.

Furthermore, a trial balance is a list of the closing balances of ledger account while adjusted balance is a list of general account. An adjusted trial balance is typically prepared by creating a series of journal entries which are designed to account for any transactions that haven't been completed.

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