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Recording Adjusting and Closing Entries for a Service Business
Chapter 8, Section 3
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General Ledger Accounts after Adjusting and Closing Entries are Posted
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Post-Closing Trial Balance
After adjusting and closing we must check that debit and credits are still equal.
Only includes accounts with a balancePermanent accounts
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Preparing a 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
2 3
7
5
8
4
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Accounting Cycle
2
3
4
56
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
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Problems
Work Together 8-3Textbook pg. 219
On Your Own 8-3Textbook pg. 219
Application 8-3Textbook pg. 222