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Write a summary of what the financial statements indicate about the companys financial health and performance.
The post closing trial balance. Edit with Office GoogleDocs iWork etc. A post closing trial balance is a list of permanent accounts and their balances after closing entries have been journalized and recorded in the accounting system. A post-closing trial balance is a complete list of the balance sheet accounts that have a zero balance at the end of the reporting period youre in.
The primary purpose of preparing this post-closing trial balance is to ensure that all accounts are balanced and ready for recording the next period of financial transactions. Once the closing entries are prepared and posted to the general ledger another trial balance would be prepared to verify that the total dollar amount of debits in the general ledger equals the total dollar amount of credits. The balances of these accounts have already transitioned to the retained earnings account during the closing of the account.
Remember if debits equal credits the accounting equation will balance. The Post-closing Trial Balance. Edit with Office GoogleDocs iWork etc.
Download Template Fill in the Blanks Job Done. All of the other accounts temporarynominal accounts. Ad Over 2000 Essential Templates to Start Organize Manage Grow Your Business in 1 Place.
Since closing entries close all temporary ledger accounts the post-closing trial balance consists of only permanent ledger accounts ie. Prepare the Post-Closing Trial Balance tab of the company accounting workbook in preparation for the next accounting period. Ad Over 2000 Essential Templates to Start Organize Manage Grow Your Business in 1 Place.
These accounts are temporary ones that the business has already closed. The post-closing trial balance will include only the permanentreal accounts which are assets liabilities and equity. Download Template Fill in the Blanks Job Done.
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