Question: Explain how an unadjusted trial balance differs from an adjusted trial balance. Explain the difference between a classified Balance Sheet and an unclassified Balance Sheet.

  1. Explain how an unadjusted trial balance differs from an adjusted trial balance.
  2. Explain the difference between a classified Balance Sheet and an unclassified Balance Sheet.
  3. Explain the purpose of an Income Summary account and what does its balance reflect after revenue accounts and expenses accounts have been closed out.

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