Period End Adjustments
When the bookkeeper has completed the day-to-day recording of transactions for the month, the Trial Balance will still not be correct. There will be unrecorded Revenues and Expenses making Period End Adjustments necessary.
This level includes:
- Unrecorded Revenues that increase Assets
- Unrecorded Revenues that reduce Liabilities
- Unrecorded Expenses that reduce Assets
- Unrecorded Expenses that increase Liabilities
The exercises are in groups of 3. Each group covers the same material, but with different amounts. Do them in order so you advance at a logical pace.
-
Exercise A1
Exercise A2
Exercise A3 -
Exercise B1
Exercise B2
Exercise B3 -
Exercise C1
Exercise C2
Exercise C3
You must completely understand each group before moving on.
The quizzes are designed to test your knowledge. If you are having trouble with the exercises, practise the quizzes to boost your understanding.
The Supplemental Information is designed help further your understanding of the material. If you are having trouble with the exercises, take a look at this material.