Adjusted Trial Balance - Accounting Lecture No. 5

In this video from our Principles of Accounting Lecture Series, we dive into the crucial topics of adjusting entries and the adjusted trial balance. These concepts are essential for ensuring that financial statements accurately reflect a company's financial position. By the end of this video, you'll have a clear understanding of how to prepare and adjust entries for accruals, deferrals, and other necessary corrections, leading to an accurate adjusted trial balance.
Whether you're an accounting student or a professional looking to refresh your skills, this detailed explanation will enhance your knowledge and help you succeed in mastering the accounting cycle.
Topics Covered:
What are adjusting entries?
Why are adjusting entries necessary?
Types of adjusting entries: accruals and deferrals
How to prepare an adjusted trial balance
Common mistakes to avoid
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