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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Post-closing trial balance

An accountant prepared the following post-closing trial balance:

Chapter 4, Problem 4.19EX, Post-closing trial balance An accountant prepared the following post-closing trial balance: Prepare

Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown are correct.

To determine

Post-closing trial balance

Post-Closing Trial Balance: After passing all the journal entries and the closing entries of the permanent accounts and then further posting them to each of the respective accounts, a post-closing trial balance is prepared which consists of a list of all the permanent accounts. A post-closing trial balance serves as an evidence to prove that the balance of the permanent accounts is equal.

To Prepare: A correct post-closing trial balance.

Explanation

According to post-closing trial balance, the temporary accounts like, revenues, expenses closed. Then those accounts are transferred to permanent account to prepare the post-closing trial balance.

Following are the types of accounts are listed on the post-closing trial balance...

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