ACC-202 Lecture Notes - Lecture 30: Trial Balance, Income Statement, Retained Earnings

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List of all the normal accounts and their balances. Any time you think you have to adjust something doesn"t happen normally in the course of business. Adjusted journal entry means its something you know that you have to adjust because journal entry wasn"t made e. g. depreciation. At the end of the period, the adjustments we have to make are adjusted journal entries. Journal entry trial balance aje adjusted trial balance. Revenue is only revenue for that period. At the beginning of the next year revenue resets to zero. You then have to report what you retain for revenue in that period. The last step in the closing process is reducing temporary account. We would take the revenue of 12,000 and bring it to zero a. k. a. close the account. If it went up more than down we made a profit. Temporary account = any account that resets to zero at the start of any period.

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