POST-CLOSING TRIAL BALANCE

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Presentation transcript:

POST-CLOSING TRIAL BALANCE 1 1. Write the heading. 3 2. List accounts that have balances. 2 3. Write debit balances. 4. Write credit balances. 4 5. Write the word Totals. 6. Total Debit column. 7. Total Credit column. 8. Verify equality of totals. 9. Rule double lines. 6 7 5 8 9 Lesson 17-4, page 437

Lesson 17-4 ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZES AS A PARTNERSHIP. 1. Source documents checked for accuracy, and transactions are analyzed. 1 2. Transactions are recorded in a journal. 2 9 3. Journal entries are posted to ledgers. 4. Schedules of accounts payable and accounts receivable are prepared from subsidiary ledgers. 3 8 4 5. Work sheet is prepared. 5 6. Financial statements are prepared. 7 7. Adjusting and closing entries are journalized. 8. Adjusting and closing entries are posted. 6 9. A post-closing trial balance is prepared. Lesson 17-4, page 438