© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO2 Prepare a post-closing trial balance.

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© 2014 Cengage Learning. All Rights Reserved. Learning Objectives © 2014 Cengage Learning. All Rights Reserved. LO2 Prepare a post-closing trial balance.

© 2014 Cengage Learning. All Rights Reserved. General Ledger Accounts after Closing Entries Are Posted SLIDE 2 LO2 Lesson 8-2

© 2014 Cengage Learning. All Rights Reserved. General Ledger Accounts after Closing Entries Are Posted SLIDE 3 LO2 Lesson 8-2

© 2014 Cengage Learning. All Rights Reserved. Post-Closing Trial Balance ●A trial balance prepared after the closing entries are posted is called a post-closing trial balance. SLIDE 4 LO2 Lesson 8-2

© 2014 Cengage Learning. All Rights Reserved. Post-Closing Trial Balance SLIDE 5 LO2 Lesson 8-2 Single Rule Record Totals Heading Totals 8 8 Double Rule Account Titles Compare Totals Account Balances 3 3

© 2014 Cengage Learning. All Rights Reserved. Accounting Cycle for a Service Business ●The series of accounting activities included in recording financial information for a fiscal period is called an accounting cycle. SLIDE 6 LO2 Lesson 8-2

© 2014 Cengage Learning. All Rights Reserved. Accounting Cycle for a Service Business SLIDE 7 LO2 Lesson Prepare post-closing trial balance 7. 7.Journalize and post closing entries 6. 6.Prepare financial statements 5. 5.Journalize and post adjusting entries 4. 4.Prepare work sheet 3. 3.Post 2. 2.Journalize 1. 1.Analyze transactions

© 2014 Cengage Learning. All Rights Reserved. Lesson 8-2 Audit Your Understanding 1.Why are lines drawn in both the Balance Debit and Balance Credit columns when an account has a zero balance? SLIDE 8 ANSWER To assure a reader that a balance has not been omitted Lesson 8-2

© 2014 Cengage Learning. All Rights Reserved. Lesson 8-2 Audit Your Understanding 2.Which accounts go on the post-closing trial balance? SLIDE 9 ANSWER Only those with balances (permanent accounts) Lesson 8-2

© 2014 Cengage Learning. All Rights Reserved. Lesson 8-2 Audit Your Understanding 3.Why are temporary accounts omitted from a post-closing trial balance? SLIDE 10 ANSWER Because they are closed and have zero balances Lesson 8-2

© 2014 Cengage Learning. All Rights Reserved. Lesson 8-2 Audit Your Understanding 4. What are the steps in the accounting cycle? SLIDE 11 ANSWER 1.Analyze transactions. 2. Journalize. 3.Post. 4. Prepare work sheet. 5. Journalize and post adjusting entries. 6. Prepare financial statements. 7. Journalize and post closing entries. 8.Prepare post-closing trial balance. Lesson 8-2