{"id":3086,"date":"2020-10-08T22:04:55","date_gmt":"2020-10-08T22:04:55","guid":{"rendered":"https:\/\/courses.lumenlearning.com\/wm-financialaccounting\/?post_type=chapter&#038;p=3086"},"modified":"2020-11-17T20:37:48","modified_gmt":"2020-11-17T20:37:48","slug":"introduction-to-preparing-an-adjusted-trial-balance","status":"publish","type":"chapter","link":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/chapter\/introduction-to-preparing-an-adjusted-trial-balance\/","title":{"raw":"Introduction to Preparing an Adjusted Trial Balance","rendered":"Introduction to Preparing an Adjusted Trial Balance"},"content":{"raw":"<h2>What you'll learn to do:\u00a0Creating the adjusted trial balance<\/h2>\r\n<img class=\"alignright wp-image-3219\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/09222458\/ACStep6-996x1024.jpg\" alt=\"Step 6. Prepare adjusted trial balance.\" width=\"200\" height=\"206\" \/>In this section, we are going to revisit NeatNiks\u2019 October unadjusted trial balance. We will take the following steps:\r\n<ul>\r\n \t<li>analyze,<\/li>\r\n \t<li>look for any accounts that need to be adjusted in order to bring it into compliance with GAAP,<\/li>\r\n \t<li>create and post adjusting journal entries; and<\/li>\r\n \t<li>run the adjusted trial balance, which will be the final check before we create the financial statements.<\/li>\r\n<\/ul>\r\n<div class=\"textbox key-takeaways\">\r\n<h3>The Accounting Cycle<\/h3>\r\n<ol>\r\n \t<li>Analyze Transactions<\/li>\r\n \t<li>Prepare Journal Entries<\/li>\r\n \t<li>Post Journal Entries<\/li>\r\n \t<li>Prepare Unadjusted Trial Balance<\/li>\r\n \t<li>Make Adjusting Journal Entries<\/li>\r\n \t<li>Prepare Adjusted Trial Balance<\/li>\r\n \t<li>\u00a0Prepare Financial Statements<\/li>\r\n \t<li>Prepare Closing Entries<\/li>\r\n \t<li>Prepare Post-Closing Trial Balance<\/li>\r\n \t<li>Create and Post Reversing Entries, if needed<\/li>\r\n<\/ol>\r\n<\/div>","rendered":"<h2>What you&#8217;ll learn to do:\u00a0Creating the adjusted trial balance<\/h2>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignright wp-image-3219\" src=\"https:\/\/s3-us-west-2.amazonaws.com\/courses-images\/wp-content\/uploads\/sites\/5107\/2020\/10\/09222458\/ACStep6-996x1024.jpg\" alt=\"Step 6. Prepare adjusted trial balance.\" width=\"200\" height=\"206\" \/>In this section, we are going to revisit NeatNiks\u2019 October unadjusted trial balance. We will take the following steps:<\/p>\n<ul>\n<li>analyze,<\/li>\n<li>look for any accounts that need to be adjusted in order to bring it into compliance with GAAP,<\/li>\n<li>create and post adjusting journal entries; and<\/li>\n<li>run the adjusted trial balance, which will be the final check before we create the financial statements.<\/li>\n<\/ul>\n<div class=\"textbox key-takeaways\">\n<h3>The Accounting Cycle<\/h3>\n<ol>\n<li>Analyze Transactions<\/li>\n<li>Prepare Journal Entries<\/li>\n<li>Post Journal Entries<\/li>\n<li>Prepare Unadjusted Trial Balance<\/li>\n<li>Make Adjusting Journal Entries<\/li>\n<li>Prepare Adjusted Trial Balance<\/li>\n<li>\u00a0Prepare Financial Statements<\/li>\n<li>Prepare Closing Entries<\/li>\n<li>Prepare Post-Closing Trial Balance<\/li>\n<li>Create and Post Reversing Entries, if needed<\/li>\n<\/ol>\n<\/div>\n\n\t\t\t <section class=\"citations-section\" role=\"contentinfo\">\n\t\t\t <h3>Candela Citations<\/h3>\n\t\t\t\t\t <div>\n\t\t\t\t\t\t <div id=\"citation-list-3086\">\n\t\t\t\t\t\t\t <div class=\"licensing\"><div class=\"license-attribution-dropdown-subheading\">CC licensed content, Original<\/div><ul class=\"citation-list\"><li>Introduction to Preparing an Adjusted Trial Balance. <strong>Authored by<\/strong>: Joseph Cooke. <strong>Provided by<\/strong>: Lumen Learning. <strong>License<\/strong>: <em><a target=\"_blank\" rel=\"license\" href=\"https:\/\/creativecommons.org\/licenses\/by\/4.0\/\">CC BY: Attribution<\/a><\/em><\/li><\/ul><\/div>\n\t\t\t\t\t\t <\/div>\n\t\t\t\t\t <\/div>\n\t\t\t <\/section>","protected":false},"author":17,"menu_order":9,"template":"","meta":{"_candela_citation":"[{\"type\":\"original\",\"description\":\"Introduction to Preparing an Adjusted Trial Balance\",\"author\":\"Joseph Cooke\",\"organization\":\"Lumen Learning\",\"url\":\"\",\"project\":\"\",\"license\":\"cc-by\",\"license_terms\":\"\"}]","CANDELA_OUTCOMES_GUID":"","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"class_list":["post-3086","chapter","type-chapter","status-publish","hentry"],"part":67,"_links":{"self":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/3086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/users\/17"}],"version-history":[{"count":3,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/3086\/revisions"}],"predecessor-version":[{"id":3384,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/3086\/revisions\/3384"}],"part":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/parts\/67"}],"metadata":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/3086\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/media?parent=3086"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/pressbooks\/v2\/chapter-type?post=3086"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/contributor?post=3086"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/courses.lumenlearning.com\/suny-clinton-financialaccounting\/wp-json\/wp\/v2\/license?post=3086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}