Effects on financial statements when no adjustments have been made

Feb 3rd, 2012
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Walsh College of Accountancy and Business Administration
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This soft copy adresses the effects that woul appear on the balance sheet and the income statement if the adjustments wre not made. It has clear illustrations that I have highlighted and a brief explanation after each scenario

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Showing Page: 1/2
The effects on the income statement and balance sheet if adjustments are not made.The process of preparing the financial statements begins with the adjusted trial balance. Preparing the adjusted trial balance requires "closing" the book and making the necessary adjusting entries to align the financial records with the true financial activity of the business.An adjusting entry is a journal entry made at the end of an accounting period that allocates income and expenditure to the appropriate years. Adjusting entries are generally made in relation to prepaid expenses, prepayments, accruals, est

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