Intermediate Accounting
Intermediate Accounting
16th Edition
ISBN: 9781119175179
Author: Donald E. Kieso; Jerry J. Weygandt; Terry D. Warfield
Publisher: Wiley Global Education US
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Chapter 3, Problem 6P
To determine

Importance of preparing adjusting entries: The adjustments achieve proper recognition of incomes and expenditures to determine the net income for the present period and achieve the accurate statement for the asset closing period, liabilities, and equity accounts. The two types of adjusting entries are deferrals and accruals.

To prepare: To prepare the adjusting entries and the financial statements for the trial balance given for the YP Company.

To determine

To prepare: To prepare the financial statements for the trial balance given for the YP Company.

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