1. POST-CLOSING TRIAL BALANCE1
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

2. 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