Assuming no errors have been made,when a company prepares its adjusted trial balance:
A)assets will equal liabilities plus retained earnings.
B)shareholders' equity will be adjusted to include the current period's net income.
C)the debit column and the credit column will be equal.
D)income statement accounts will have been closed.

Question

Quizplus · Accepted Answer

The purpose of the adjusted trial balance is to ensure that the total debits equal the total credits in the ledger. This is accomplished by making adjustments for any transactions that were not properly recorded during the accounting period. Once all adjustments have been made, the adjusted trial balance should have equal debit and credit columns. The other choices may or may not be true depending on the specific accounting situation.

Assuming No Errors Have Been Made,when a Company Prepares Its