Accounting › Section C · The adjustment process › Topic C.3
The adjusted trial balance and the statements
Once the adjusting entries are posted, a second trial balance confirms the ledger still balances and gathers every corrected figure in one place. From it the income statement, the statement of retained earnings and the balance sheet follow in a fixed order, each feeding the next.
In this topic
- From adjustments to statements
- Updating each balance
- Worked example: Larkhill's adjusted balances
- Larkhill's adjusted trial balance
- Which accounts go where
- Worked example: income and retained earnings
- Worked example: the balance sheet
- Worksheets and IFRS presentation
- Common mistakes to avoid
- Key takeaways
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