Practice | Use the Ledger Balances to Prepare an Adjusted Trial Balance

Principles of Accounting Volume 1: Financial Accounting

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Q1 | What critical purpose does the adjusted trial balance serve?

It proves that transactions have been posted correctly

It is the source document from which to prepare the financial statements

It shows the beginning balances of every account, to be used to start the new year’s records

It proves that all journal entries have been made correctly.

Q2 | Which of the following accounts’ balance would be a different number on the Balance Sheet than it is on the adjusted trial balance?

accumulated depreciation

unearned service revenue

retained earnings

dividends

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