Answer:
1.How to Prepare Financial Statements
Step 1: Verify Receipt of Supplier Invoices. ...
Step 2: Verify Issuance of Customer Invoices. ...
Step 3: Accrue Unpaid Wages. ...
Step 4: Calculate Depreciation. ...
Step 5: Value Inventory. ...
Step 6: Reconcile Bank Accounts. ...
Step 7: Post Account Balances. ...
Step 8: Review Accounts.
2.Income statement accounts that may need to be adjusted include interest expense, insurance expense, depreciation expense, and revenue. The entries are made in accordance with the matching principle to match expenses to the related revenue in the same accounting period.
3.Closing entries are journal entries made at the end of an accounting period to transfer temporary accounts to permanent accounts.
4.A post-closing trial balance is a listing of all balance sheet accounts containing non-zero balances at the end of a reporting period. The post-closing trial balance is used to verify that the total of all debit balances equals the total of all credit balances, which should net to zero.
Explanation:
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