If you own a business or providing professional services, you need to know if you are making profit or incurring loss. You need to take a look if your business is generating more revenues than your total expenses. This financial information is found on the income statement. The … [Read more...]
How to Prepare a Balance Sheet (Statement of Financial Position)
The balance sheet or the statement of financial position is one of the major components of financial statements, which include the income statement, statement of cash flow, statement of changes in equity and the notes to financial statements. The balance sheet gives readers of … [Read more...]
How to Prepare an Adjusted Trial Balance
The trial balance is an internal report, listing all the account titles and their balances from the general ledger. It is prepared at the end of accounting period to check errors in the accounting cycles, which include identifying transactions, analyzing them, recording journal … [Read more...]
Examples of Adjusting Journal Entries in Accounting
In our previous post titled how to make adjusting journal entries (AJE), we have discussed the common types of adjusting entries, namely, accrued revenues, accrued expenses, unearned revenues, prepaid expenses, depreciation (estimation), change in accounting estimate, and prior … [Read more...]
How to Make Adjusting Journal Entries
In our previous article, we’ve discussed about the preparation of a trial balance. After the trial balance is prepared, we need to ensure that our accounting records are accurate and our financial reports will be fairly presented. Adjusting journal entries (AJE) are necessarily … [Read more...]
How to Prepare a Trial Balance
A trial balance is an internal accounting statement prepared to check the accuracy of the company’s accounting records. As the “trial” on its name suggests, it is made to check if there are errors committed during the accounting process, which involves journalizing and posting … [Read more...]
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