You have to summarize what you showed in the case and you must point out the deffects in the opponents case. You have to summarize what you showed in the case and you must point out the deffects in the opponents case.
No, Sales, as a Revenue Account of the Income Statement, is a temporary account, which should not appear on the post-closing trial balance.
Post-Closing literally translated means "after the closing". A post-closing trial balance is created after all temporary accounts (expenses, revenue) are closed to the income summary and then the statement of retained earnings.The post closing trial balance will contain these permanent accounts. Assets, Liabilities, and all Equity accounts. (including retained earnings and stock)
AnswerTrial Balance is a statement showing the closing balances of all the ledger accounts and Balance Sheet is a statement showing the closing balances of Assets and Liabilities.
Usually, a post-closing trial balance is prepared after the closing process; therefore. it contains balance sheet accounts. Only balance of retained earnings is different, the rest are the same of balance sheet or adjusted trial balance. The retained earnings are equal the retained earnings in the retained earnings statement.
The basic steps in the recording process are Identify and analyzing transactions and events -> Recording in journals -> posting to the ledger -> Unadjusted trial balance -> Adjusting entries -> Adjusted trial balance -> Financial statement -> Closing entries -> Post closing trial balance
In and of itself, generally no. An adjusted trial balance is merely a statement that is used at the end of the accounting period to adjust accounts such as expenses and income and to insure that all adjusting entries and accounts balance before preparing the post closing trial balance and finally the financial statements such as Balance Sheet, Statement of Retained Earnings, and Statement of Owners Equity.
A post-closing trial balance will contain, assets, liabilities and owners equity accounts.Assets include, current and long term assetsliabilities include, accounts payable, notes payable or any other "liability" the company currently has.Owners Equity accounts include such things as Retained Earnings and CapitalYou generally have 3 versions of a Trial Balance, your Trial Balance, Adjusted Trial Balance, and Post-Closing Trial balance.The post-closing trial balance is what you use once your expense accounts & revenue have been closed to the income statement.
Writing a letter for an inauguration is supposed to be brief by writing a opening statement, a summary, and a closing statement that is relevant to your situation.
Yes, it is typically credited on the Post-Closing Trial Balance.
before we find gross profit ,after we got net profit
The post closing trial balance contains all accounts that are in the General Ledger, with the exception of any "closed accounts" such as revenue, expenses, etc.A post closing trial balance is created after all adjusting entries and closing has been done to the ledger.My first answer I answered with Trial Balance or Adjusted Trial Balance in mind, as stated above, Post Closing Trial Balance is filled out AFTER all expense, revenue, and other related accounts have been closed.
No, it decrease cost of sales and increases gross profit.Closing stock is not shown on a trial balance and when entered into the income statement, the closing stock will carry through to the balance sheet and increase retained income.