Adjusted Trial Balance of the company in the non-financial statement in which the list and the balances of the company’s all the accounts are presented after the adjusting journal entries are made at the year-end and those balances are … The following trial balance was prepared for Tile, Etc., Inc., on December 31, Year 1, after the closing entries were posted: Account Title Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Accounts Payable Comeon Stock Retained Earnings Totals Debit Credit $199,000 141,000 $ 26,000 457,600 111,000 530,000 121,000 $788,000 $788,000 Tile, Etc. Let’s look at the company we have been using in our examples MicroTrain. The unadjusted trial balance is as follows: After the worksheet has been completed the statement columns contain all data that are required for the preparation of financial statements. c.Each trial balance amount is used in preparing the financial statements. 3. This trial balance has the final balances in all the accounts and is used to prepare the financial statements. The post closing trial balance is a list of accounts or permanent accounts that still have balances after the closing entries have been made. Therefore, all the accounts appearing in the adjusted trial balance will appear on the financial statements. b.An adjusted trial balance is a list of accounts and balances prepared after adjusting entries have been recorded and posted to the ledger. A post closing trial balance is comprised of permanent accounts and is produced after adjusting entries are posted, and the adjusted trial balance is prepared. Adjusting entries are prepared at the end of the accounting period for: accrual of income, accrual of expenses, deferrals, prepayments, depreciation, and allowances.. A trial balance is a listing of accounts from the general ledger and is typically displayed with two columns – one for debits and one for credits . Adjusted Trial Balance Definition. The adjusted trial balance is completed after the adjusting entries are completed. Adjusted Trial Balance is the one that records all the company accounts after the adjusting journal entries have been made at the end of the accounting period. This is the last step before preparing financial statements of the company. For each account in the worksheet, the amount in the adjusted trial balance columns is equal to the account balance that will appear in the ledger after the adjusting entries have been journalized and posted. After financial statements are published and released to the public, the company can close its books for the period. This is the second trial balance prepared in the accounting cycle. 4. Its purpose is to test the equality between debits and credits after adjusting entries are entered into the books of the company. The post closing trial balance is a list of all accounts and their balances after the closing entries have been journalized and posted to the ledger. This is your starting trial balance for the next year. The post-closing trial balance shows the balances after the closing entries have been completed. a.An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded. After we post the adjusting entries, it is necessary to check our work and prepare an adjusted trial balance. Now that all the end of the year adjustments are made and the adjusted trial balance matches the subsidiary accounts, financial statements can be prepared. Closing entries are made and posted to the post closing trial balance. A post-closing trial balance should be prepared a. before closing entries are posted to the ledger accounts. 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