The _____ is prepared after closing entries are posted to prove the equality of debits and credits

Q: Required: Prepare the closing entries by filling - in the blanks of the following questions:…

A: Closing entries are the journal entries. A closing entry is a journal entry recorded at the end of…

Q: The matching principle a.requires that the dollar amount of debits equal the dollar amount of…

A: Accounting is a process of recording the financial transactions of an organisation. Accounting is…

Q: An adjusted trial balance should be prepared immediately: Multiple Choice after posting normal…

A: Adjusted trial balance reflects the year ending adjustments made due to prepaid and deferral…

Q: Record the entry to close the revenue account(s).

A: Closing entries: The journal entries prepared to close the temporary accounts to Retained Earnings…

Q: Journalize the closing entries. Extend the worksheet for the closing entries and the post-closing…

A: The closing entries are prepared to close the temporary accounts of the business.

Q: A post-closing trial balance is prepared to test the equality of the general ledger after all…

A: Post-closing trial balance: Post-closing trial balance is the list of accounts and their balances…

Q: Identify the following transactions as either: a.  Journal entries b.  Adjusting journal entries…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A. Analyze business transactions. B. Journalize the transactions. C. Post to ledger accounts. D.…

A: SOLUTION ACCOUNTING CYCLE IS A COLLECTIVE PROCESS IDENTIFYING ,ANALYSING AND RECORDING THE…

Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of…

A: A cash account, commonly referred to as a cash book, appears to be a ledger whereby all cash…

Q: The steps in preparing a trial balance include all of the following except a. Proving the equality…

A: 17. The trial balance is the account that is prepared by the company for all the accounts in the…

Q: Which of the following is the order of steps to journalize an entry? O A. Record the transaction…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: Which sequence correctly summarizes the accounting process? a. Journalize transactions, post to the…

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: Which is a logical order in the accounting cycle? A. Posting, financial statements and unadjusted…

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: The purpose of the post-closing trial balance is to: Show that all debits are equal to the credits…

A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…

Q: Please tell us about permanent and temporary accounts.  Please let us know which financial statement…

A: Balance sheet: It is a statement which reports both assets and liabilities as on a particular date…

Q: What is the first account that should be listed in the post-closing trial balance? a.Common Stock…

A: Introduction: Trial Balance: All the final balances of ledger balances are posted in trial balance…

Q: Double-entry accounting requires Debits to equal credits OTwo accounts be used in a journal entry…

A: Every financial transaction has equal and opposite consequences in at least two independent…

Q: When a trial balance balances, it is an indication that   Question 12 options:   All journal…

A: SOLUTION EXPLANATION =  A TRAIL BALANCE IS A WORKSHEET WITH TWO COLUMNS ONE FOR DEBITS AND ONE FOR…

Q: From the following list of steps in the accounting cycle, identify what two steps are missing:…

A: Accounting is a process of summarising, recording, analyzing, and evaluating the accounting…

Q: The trial balance is used to prove the equality of total debits and total credits of all accounts in…

A: Answer:   True.

Q: The matching principle Select one: a. Determines whether the normal balance of an account is a debit…

A: Accounting principles: These are the set of rules and guidelines which every company must follow in…

Q: a) Trial balance is a list of the ending balances of all the accounts in a ledger b) Balance sheet…

A: Trial Balance is a statement summarizing the closing balance of all the ledger accounts, prepared…

Q: After the closing entries have been posted, all temporary accounts should have ____.   Select one:…

A: Answer) The correct answer in the given question is (B) a Zero balance.   Justification Temporary…

Q: After all closing entries have been posted, the revenue account will have a balance of * Your answer

A: Closing entries are entries that are recorded at the end of the period for closing revenues,…

Q: Calculating balance of any account, after posting all entries in ledger account, is known as O a.…

A: The numerical has covered the concept of ledger accounts. The Ledger accounts have done in 'T' form…

Q: After all closing entrics have been posted, the revenue account will have a balance of* Your answer

A: Closing entries are those entries which are passed at the end of the period in order to close out…

Q: Kellogg's journal entry to close the revenue and expense accounts should include a:

A: For the closure of revenues and expense accounts, net income for the period should be transferred to…

Q: It is the process of transferring the entries recorded in the journal to the respective accounts…

A: After journalizing, all the transactions entries are posted into the respective general ledger…

Q: Is adjusting, closing reversing entries work sheet same thing as trial balance

A: A closing entry is a journal entry that is made at the end of an accounting period to transfer…

Q: List (a) through (j) in the order they would be performed in preparing and completing an…

A: Spreadsheet: A spreadsheet is a worksheet. It is used while preparing a financial statement. It is a…

Q: When an entry is made in the general journal, accounts to be increased should be listed first. O…

A: Introduction: General Journal: A general journal is a diary that contains all of a company's…

Q: In recording an accounting transaction in a double-entry system the number of debit accounts used…

A: Double entry ensures the value of debit and credit equal.

Q: Arrange the following steps in the posting process in correct order: a. Write the ledger account…

A: Solution:- The following steps in the posting process in correct order as follows under:-

Q: The purpose of the post-closing trial balance is to: O a. Prove the equality of the temporary…

A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…

Q: Post the unadjusted balances and adjusting entries into the appropriate t-accoun

A:

Q: Which statement is false about reversing entries? O a. Reversing entries are required as part of the…

A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the period.…

Q: Which of the following best distinguishes adjusting entries from closing entries? a. In adjusting…

A: Adjusting entry is the type of journal entry that is used to record the unrecognized income or…

Q: Can someone help me the analysis of income summary. Answed the following questions: - The income…

A: The income summary account is a temporary account into which all income statement revenue and…

Q: Post-Closing Trial Balance

A: Post-closing trial balance is a trial balance in which the temporary accounts are closed and the…

Q: All of the information needed to record the closing entries is found in the Income Statement section…

A: A closing entry is a journal entry that is made at the end of an accounting period to move balances…

Q: Which of these is the first step in the closing process?(a) Close revenue account(s). (c) Close the…

A: Introduction:- A closing entries are made at the end of the accounting period to transfer of all the…

Q: If a journal entry includes a debit or credit to the retained earnings account, it is most likely…

A: Journal: Recording of a business transaction in a chronological order.

Q: Posting:a. involves transferring the information in journal entries to the general ledger.b. is an…

A: Companies maintain detailed records of their balances, whether they be revenues, costs, or…

Q: teps in the Accounting Cycle Rearrange the following steps in the accounting cycle in proper…

A: Accounting cycle is a series of different steps starting from the identification of a transaction,…

Q: What information is entered in the Posting Reference column of the journal as an amount is posted to…

A: General ledger: General ledger is a record of all accounts of assets, liabilities, and stockholder's…

Q: The proof that the debits and credits in the ledger are equal is called the trial balance. a. b.…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.