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abrown13
Oct 7, 2015, 11:55 AM
Can someone explain this to me:

I am given the adjusted and unadjusted trail balances for a company on March 31, 2010. I am suppose to journalize the five entries that adjusted the accounts at March 31, 2010. None of the accounts were affected by more than one adjusted entry.

However, I do not know how to find the five entries. Can someone walk me through this?

paraclete
Oct 7, 2015, 01:05 PM
Well you find the differences between the accounts and it should all fall into place

pready
Oct 20, 2015, 01:32 PM
The difference between an unadjusted and adjusted trial balances will be adjusting entries. Each adjusting entry will affect one balance sheet account and one income statement account. For an example a prepaid expense and an expense, or unearned revenue and earned revenue, or depreciation expense and accumulated depreciation are the most common ones.