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College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570

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BuyFindarrow_forward

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

What is the purpose of the post-closing trial balance? What is the difference between a trial balance and a post-closing trial balance?

To determine

Mention the purposes of post-closing trial balance.

Explanation

Post-closing trial balance: Post-closing trial balance is a summary of all the asset, liability, and capital accounts and their balances, after the closing entries are prepared. So, post-closing trial balance reports the balances of permanent accounts only.

Purposes:

  • The main purpose of post-closing trial balance is to check the accuracy of the total of debit and credit balances of accounts. Since all the accounts are listed in the trial balance, the account balances of debit column and credit column should be same...

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