{"id":123,"date":"2024-09-06T16:46:39","date_gmt":"2024-09-06T16:46:39","guid":{"rendered":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/chapter\/introduction-to-preparing-an-adjusted-trial-balance\/"},"modified":"2024-09-09T17:28:25","modified_gmt":"2024-09-09T17:28:25","slug":"introduction-to-preparing-an-adjusted-trial-balance","status":"publish","type":"chapter","link":"https:\/\/content.one.lumenlearning.com\/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&nbsp;\r\n\r\n&nbsp;\r\n\r\n<section class=\"textbox keyTakeaway\" aria-label=\"Key Takeaway\">\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<\/section>","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<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<section class=\"textbox keyTakeaway\" aria-label=\"Key Takeaway\">\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<\/section>\n","protected":false},"author":6,"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\":\"\"}]","pb_show_title":"on","pb_short_title":"","pb_subtitle":"","pb_authors":[],"pb_section_license":""},"chapter-type":[],"contributor":[],"license":[],"part":114,"module-header":"- Select Header -","content_attributions":[{"type":"original","description":"Introduction to Preparing an Adjusted Trial Balance","author":"Joseph Cooke","organization":"Lumen Learning","url":"","project":"","license":"cc-by","license_terms":""}],"internal_book_links":[],"video_content":null,"cc_video_embed_content":{"cc_scripts":"","media_targets":[]},"try_it_collection":null,"_links":{"self":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/123"}],"collection":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters"}],"about":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/types\/chapter"}],"author":[{"embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/users\/6"}],"version-history":[{"count":2,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/123\/revisions"}],"predecessor-version":[{"id":496,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/123\/revisions\/496"}],"part":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/parts\/114"}],"metadata":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapters\/123\/metadata\/"}],"wp:attachment":[{"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/media?parent=123"}],"wp:term":[{"taxonomy":"chapter-type","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/pressbooks\/v2\/chapter-type?post=123"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/contributor?post=123"},{"taxonomy":"license","embeddable":true,"href":"https:\/\/content.one.lumenlearning.com\/financialaccounting\/wp-json\/wp\/v2\/license?post=123"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}