assitant needed kk ac

Name two types of adjusting journal entries that are commonly made before preparing financial statements? Explain, with examples.

Why are adjusting journal entries needed?

What is the difference between the trial balance and the adjusted trial balance

Why is the adjusted trial balance trusted as a reliable source for building the financial statements?

What do the terms “debit” and “credit” mean?

Why does the combined total of the company’s liabilities and equity always equal the total of the company’s assets?

How do revenues and expenses affect the accounting equation?

Will an accounts receivable balance increase with a debit or a credit entry? How do you know?

What is the general ledger?

Explain what a T-account is and what purpose it serves.

What is an unearned account? What type of account is it?