Accounting: The Language of Business - Vol. 2 (Intermediate: Part 36)

When death comes, we take off our clothes and gather everything we left behind: what is dark, broken, touched with shame. When Death demands we give an accounting, naked we present our lives in bundles. See how much these weigh, we tell him, refusing to deny what we have lived. Everything that is touched by light loves the light. We the stubborn-as-grass, we who reel at the taste of sap and want our spirits cleansed, will not betray the weeds, snake, or crippled mare. Never leave behind what the light shone on.

Linda Gregg

Review of the Accounting Cycle (Part M) 

by

Charles Lamson

 

C

In part C of Example 4.14 Comprehensive Accounting Cycle Example (continued from part 35), we prepare the unadjusted trial balance using the balances from the t-accounts in B from part 35. The unadjusted trial balance is as follows:

D

We analyzed the additional information provided in order to prepare the adjusting entries.

The adjusting entries are as follows:

The updated t-accounts, after adjusting journal entries, are as follows:

In Part 37 we will use the balances from the updated t-accounts to prepare the adjusted trial balance. 

*GORDON, RAEDY, SANNELLA, 2019, INTERMEDIATE ACCOUNTING, 2ND ED., PP. 126-130*

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