1. CENTURY 21 ACCOUNTING © Thomson/South-Western LESSON 8-3 Preparing a Post-Closing Trial Balance

2. CENTURY 21 ACCOUNTING © Thomson/South-Western 2 LESSON 8-3 GENERAL LEDGER ACCOUNTS AFTER ADJUSTING AND CLOSING ENTRIES ARE POSTED page 213

3. CENTURY 21 ACCOUNTING © Thomson/South-Western POST-CLOSING TRIAL BALANCE A trial balance prepared after the closing entries are posted.

4. CENTURY 21 ACCOUNTING © Thomson/South-Western POST-CLOSING TRIAL BALANCE Only general ledger accounts with balances are included on a post-closing trial balance. Permanent accounts have balances and do appear on a post-closing trial balance. Total of all debits must equal the total of all credits in a general ledger and the post-closing trial balance. 4 LESSON 8-3

5. CENTURY 21 ACCOUNTING © Thomson/South-Western 5 LESSON 8-3 8.Double rule 7.Record totals 6.Totals 5.Compare totals 4.Single rule 3.Account balances 2.Account titles 1.Heading POST-CLOSING TRIAL BALANCE 1 6 page 216 2 3 7 5 8 4

6. CENTURY 21 ACCOUNTING © Thomson/South-Western ACCOUNTING CYCLE The series of accounting activities included in recording financial information for a fiscal period is called an accounting cycle. 8 Steps… 6 LESSON 8-3

7. CENTURY 21 ACCOUNTING © Thomson/South-Western 7 LESSON 8-3 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.Analyze transactions

8. CENTURY 21 ACCOUNTING © Thomson/South-Western 8 LESSON 8-3 TERMS REVIEW post-closing trial balance accounting cycle page 219