Lesson 5 Completing the Accounting Cycle Task Team of FUNDAMETAL ACCOUNTING School of Business, Sun Yat-sen University Outline Describe the preparation of adjusted trial balance Describe and prepare a worksheet and describe its usefulness.
Task Team of
School of Business, Sun Yat-sen University
Let’s start from the worksheet
Enter the accounts and unadjusted trial balance
Entry the adjusting entries’
Entry the adjusted trial balance
Entry Adjusted Amounts to Income Statement Columns
Entry Adjusted Amounts to Balance sheet Columns
The closing process applies only to temporary accounts.
The entries are:
Dr. All Revenue
Cr. Income Summary