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A trial balance is a list of the balances of ledger accounts of a business at a specific point of time usually at the end of a period such as month, quarter or year. An unadjusted trial balance is the one which is created before any adjustments are made in the ledger accounts.
The preparation of a trial balance is very simple. All we have to do is to list the balances of the ledger accounts of a business.
Following is the unadjusted trial balance prepared from the ledger accounts of Company A.
Company A
Unadjusted Trial Balance
January 31, 2010

Particulars
Debit
Credit
Cash
Accounts Receivable
Office Supplies
Prepaid Rent
Equipment
Accounts Payable
Notes Payable
Utilities Payable
Unearned Revenue
Common Stock
Service Revenue
Wages Expense
Miscellaneous Expense
Electricity Expense
Telephone Expense
Dividend
Total
20,430
5,900
22,800
36,000
80,000






38,200
3,470
2,470
1,494
5,000
215,764





5,200
20,000
3,964
4,000
100,000
82,600





215,764

Adjusting entries are recorded at the end of an accounting period to adjust ledger accounts for any changes that relate to the current accounting period but have not been recorded yet.
Most of the transactions which are recorded via adjusting entries are not spontaneous but are spread over a period of time. A common characteristic of all adjusting entries is that they involve at least one revenue or expense account.
Not all journal entries recorded at the end of a period are adjusting entries. For example, an entry to record a purchase on the last day of a period is not an adjusting entry. The main purpose of adjusting entries is to match revenues and expenses to the current period which is a requirement of the matching principle of accounting.
Adjusting entries are of following types:
Accruals
Accrual adjusting entries are used to record the accrual of revenue or expenses which should be matched to the current accounting period.
Examples: accrual of interest expense, depreciation expense, etc.
Prepayments
Adjusting entries for prepayments are recorded for adjustments to prepaid expenses and unearned revenue (i.e. revenue received in advance) so that the revenues and expense are matched with the respective accounting periods.
Examples: adjustments to prepaid insurance, office supplies, prepaid rent, etc.
This example is a continuation of the accounting cycle dilema we have been working on. In the previous step we prepared an unadjusted trial balance. Here we will pass adjusting entries.
Relevant information for the preparation of adjusting entries of Company A
Office supplies having original cost $4,320 were unused till the end of the period. Office supplies having original cost of $22,800 are shown on unadjusted trial balance.
Prepaid rent of $36,000 was paid for the months January, February and March.
The equipment costing $80,000 has useful life of 5 years and its estimated salvage value is $14,000. Depreciation is provided using the straight line depreciation method.
The interest rate on $20,000 note payable is 9%. Accrue the interest for one month.
$3,000 worth of service has been provided to the customer who paid advance amount of $4,000.



                                                   Adjusting Entries

Date
                           Particulars
Debit
Credit
Jan 31
Supplies Expense
Office Supplies
Supplies Expense = 22,800 − 4,320 = 18,480
18,480

18,480
Jan 31
Rent Expense
Prepaid Rent
Rent Expense = 36,000 ÷ 3 = 12,000
12,000

12,000
Jan 31
Depreciation Expense
Accoumulated Depreciation
Depreciation Expense = (80,000 − 14,000) ÷ (5 × 12) = 1,100
1,100

1,100
Jan 31
Interest Expense
Interest Payable
Interest Expense = 20,000 × (9% ÷ 12) = 150
150

150
Jan 31
Unearned Revenue
Service Revenue
3,000

3,000



An Adjusted Trial Balance is a list of the balances of ledger accounts which is created after the preparation of adjusting entries. Adjusted trial balance contains balances of revenues and expenses along with those of assets, liabilities and equities. Adjusted trial balance can be used directly in the preparation of the statement of changes in stockholders' equity, income statement and the balance sheet. However it does not provide enough information for the preparation of the statement of cash flows. The format of an adjusted trial balance is same as that of unadjusted trial balance.
The following adjusted trial balance was prepared after posting the adjusting entries of Company A to its general ledger and calculating new account balances:


January 31, 2010
Office Supplies
4,320

Prepaid Rent
24,000

Equipment
80,000

Accumulated Depreciation

1,100
Accounts Payable

5,200
Utilities Payable

3,964
Unearned Revenue

1,000
Interest Payable

150
Notes Payable

20,000
Common Stock

100,000
Service Revenue

85,600
Wages Expense
38,200

Supplies Expense
18,480

Rent Expense
12,000

Miscellaneous Expense
3,470

Electricity Expense
2,470

Telephone Expense
1,494

Depreciation Expense
1,100

Interest Expense
150


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