Homework Answers
Answer:
| Income Statement | Balance Sheet |
Explanation:
Using the tabular summary of transactions and adjustments, a company can prepare its Income statement and Balance sheet. Transactions and adjustments are made during the year results in preparation of financial statements. Financial statements includes income statement, statement of retained earnings and balance sheet. Adjustments are the changes occurred at the end of accounting year based on revenue recognition and expense recognition principles. There are two types of adjustments. They are deferrals and accruals. Each adjustment affects income statement account and balance sheet account.
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