News

Why Is It Necessary to Complete an Adjusted Trial Balance?. In a dual entry accounting system, entries are made in debit and credit columns. Increases in assets -- the things you own -- and ...
Also, notes payable often needs adjustment for the included interest expense, which isn't paid separately. Scan the adjusted trial balance for reasonableness.
Once a book is balanced, an adjusted trial balance can be completed. This trial balance has the final balances in all the accounts, and it is used to prepare the financial statements.