Adjusted Trial Balance Preparation
As all period-end adjusting entries are posted to general journal and general ledger, they can be reflected in the adjusted trial balance, which will be used to prepare financial statements.
Adjusted trial balance of Alfa is provided below. Its form is the same as the form of trial balance, in addition has columns for adjustments (debit and credit) and final balances of all accounts indicated in the last column adjusted trial balance.
|
Trial balance - June 30, 2007 |
Adjustments |
Adjusted trial balance |
| Item |
G/L account |
D |
C |
D |
C |
D |
C |
| Prepaid expenses |
10 |
1500 |
|
|
|
1500 |
|
| Cash |
11 |
36000 |
|
|
|
36000 |
|
| Accounts receivable |
14 |
1000 |
|
|
|
1000 |
|
| Office supply |
15 |
2500 |
|
|
450 |
2050 |
|
| Inventory |
16 |
0 |
|
|
|
0 |
|
| Equipment |
17 |
19000 |
|
|
|
19000 |
|
| Accounts payable |
41 |
|
16500 |
|
|
|
16500 |
| Loan |
40 |
|
15000 |
|
|
|
15000 |
| Share capital |
30 |
|
20000 |
|
|
|
20000 |
| Income |
50 |
|
13500 |
|
|
|
13500 |
| Expenses |
60 |
5000 |
|
2617-(317+1500- 350+450) |
|
7617 |
|
| Accumulated depreciation |
17/1 |
|
|
|
317 |
|
317 |
| Salaries payable |
43 |
|
|
|
1500 |
|
1500 |
| Accrued expenses |
42 |
|
|
|
350 |
|
350 |
| Balance |
|
65000 |
65000 |
2617 |
2617 |
67167 |
67167 |
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