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Step 9: Adjusted Balances in the Income Statement

Posting the Transaction to the Worksheet - the Income Statement

We have now proceeded further and entered in the Income Statement all adjustment transactions for M1 and proceeded with totaling of entries to obtain the balance in this statement, in the case of the example the first month of operations.

The Exhibit below shows end of period balances in the Income statement corresponding to transactions carried out during the period, including adjustments for prepayments, depreciation, accrual, etc., as it can be seen in the Accounting System > Group 3 > WorkSheets M1. In this example it can be seen that the first month of operations has produced a loss of 

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