1. LESSON 16-3 Preparing a Post-Closing Trial Balance
4/24/2017
LESSON 16-3
Preparing a Post-Closing Trial Balance

2. POST-CLOSING TRIAL BALANCE
page 496
1. Heading 1
2. Accounts that have balances 3 2
3. Debit balances 4
4. Credit balances
5. Word Totals
6. Totals
7. Double lines 5 6 7
LESSON 16-3

3. ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION
page 497
1. Source documents are checked, and transactions are analyzed. 1 2
2. Transactions are recorded in journals.
3. Journal entries are posted to the accounts payable ledger, the accounts receivable ledger, and the general ledger. 3 4 5
4. Schedules of accounts payable and account receivable are prepared from the subsidiary ledgers.
5. A work sheet is prepared from the general ledger.
(continued on next slide)
LESSON 16-3

4. ACCOUNTING CYCLE FOR A MERCHANDISING BUSINESS ORGANIZED AS A CORPORATION
page 497
6. Financial statements are prepared.
7. Adjusting and closing entries are journalized from the work sheet. 9
8. Adjusting and closing entries are posted to the general ledger.
9. A post-closing trial balance of the general ledger is prepared. 8 7 6
(continued from previous slide)
LESSON 16-3