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The document discusses preparing a post-closing trial balance. It explains the steps to take the general ledger accounts after adjusting and closing entries have been posted and create a post-closing trial balance. It lists the elements that should be included in a post-closing trial balance such as account titles, balances, totals, and rules. It also outlines the typical accounting cycle for a service business which involves analyzing transactions, journalizing, posting, preparing a work sheet, journalizing and posting adjusting and closing entries, preparing financial statements, and preparing a post-closing trial balance.
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- 1. LESSON 8-3 Preparing a Post-Closing Trial Balance
- 2. GENERAL LEDGER ACCOUNTS AFTER ADJUSTING AND CLOSING ENTRIES ARE POSTED page 213
- 3. POST-CLOSING TRIAL BALANCE 8. Double rule 7. Record totals 6. Totals 5. Compare totals 4. Single rule 3. Account balances 2. Account titles 1. Heading 1 6 page 216 2 3 7 5 8 4
- 4. ACCOUNTING CYCLE FOR A SERVICE BUSINESS page 217 2 3 4 5 6 1 7 8 8. Prepare post-closing trial balance 7. Post adjusting and closing entries 6. Journalize adjusting and closing entries 5. Prepare financial statements 4. Prepare work sheet 3. Post 2. Journalize 1. Analyzes transactions
- 5. TERMS REVIEW post-closing trial balance accounting cycle page 219