Adjusted Trial Balance For Tool Time tool Time Inc The adjusted trial balance for Tool TimeTool Time, Inc., as of June 30, 2018, is presented next:
Tool Time, Inc.
June 30, 2018
Estimated inventory returns
Accumulated depreciation, equipment
Estimated refunds liability
Unearned sales revenue
Note payable, long-term
Cost of goods sold
The previous chapter presented adjustments that might be needed at the end of each accounting period. These adjustments were necessary to bring a company’s books and records currently in anticipation of calculating and reporting income and financial position.
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