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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

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Using the work sheet provided in Checkpoint Exercise 1 and financial statements prepared for that exercise, prepare a post-closing trial balance.

To determine

Prepare a post-closing trial balance.

Explanation

Post-closing trial balance: The post-closing trial balance is a summary of all ledger accounts, and it shows debit and credit balances after closing entries are journalized and posted.  The post-closing trial balance contains only permanent (balance sheet) accounts, and the debit and the credit balances of permanent accounts should agree.

Following are the purpose of the post-closing trial balance:

A post-closing trial balance contains the balance of all the permanent accounts at the end of an accounting period.

The following are the types of accounts appear on the post-closing trial balance.

  • Asset account.
  • Liabilities account.
  • Stockholders’ equity account

The post-closing trial balance serves the purpose of making sure that the balance of the permanent accounts is equal...

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