Take the unadjusted trial balance and adjust it to account for deferred payments, deferred revenue and other factors. Once everything is adjusted, you subtract expenses, including taxes, from your ...

That means debits and credits will still add up even if they’re made to the wrong accounts. This is why it’s often important to review each line item on the trial balance. Unadjusted vs. Adjusted ...

An unadjusted trial balance is the first step in the accounting closing cycle. When you pull your trial balance reports, you must make sure the columns balance.