The purpose of the post-closing trial balance is to: O a. Prove the equality of the temporary account balances O b. Show that all debits are equal to the credits before closing the accounts O C. Make sure that there are no errors in the financial statements O d. Prove the equality of the permanent account balances

The purpose of the post-closing trial balance is to: O a. Prove the equality of the temporary account balances O b. Show that all debits are equal to the credits before closing the accounts O C. Make sure that there are no errors in the financial statements O d. Prove the equality of the permanent account balances

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter5: Completing The Accounting Cycle

Section: Chapter Questions

Problem 7PA: Assume that the first two closing entries have been made and posted. Use the T-accounts provided as...

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Identify which of the following accounts would be listed on the companys Post-Closing Trial Balance. A. Accounts Receivable B. Accumulated Depreciation C. Cash D. Office Expense E. Note Payable F. Rent Revenue G. Retained Earnings H. Unearned Rent Revenue
Assume that the first two closing entries have been made and posted. Use the T-accounts provided as follows to: A. complete the closing entries B. determine the ending balance in the Retained Earnings account
Correct any obvious errors in the following closing entries by providing the four corrected closing entries. Assume all accounts held normal account balances in the Adjusted Trial Balance. A. B. C. D.
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Which of these accounts is included in the post-closing trial balance? A. Sales Revenue B. Salaries Expense C. Retained Earnings D. Dividends
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Indicate the net effect ( for increase; for decrease; 0 for no effect) of each of the following transactions on each part of the accounting equation, . For example, for payment of an accounts payable balance, . A. sale of merchandise to customer on account B. payment on note payable C. purchase of equipment for cash D. collection of accounts receivable E. purchase of supplies on account
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