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What happens after all the closing entries have been posted to the general ledger?
Wiki User
∙ 13y ago
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
Wiki User
∙ 13y ago
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Are closing entries posted to the general ledger?
yes
What happens after all the closing entries have posted to the general ledger?
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are?
Adjusting and Closing Entries.
What should the post closing trial balance is best prepared from?
The General Ledger provides all the information you need to prepare a Post Closing Trial Balance as well as a Trial Balance, etc. A post closing trial balance is a trial balance that is prepared "before" accounts are closed out for the accounting period, such as expenses, revenues, etc. Adjusting entries are made to the General Ledger from the Journal entries and then a PCTB is prepared using the information obtained in the Ledger.
Are closing entries posted to the general ledger?
yes
What happens after all the closing entries have posted to the general ledger?
Once all the closing entries have been posted to the ledger it is then time to begin working on the financial statements. A Post-Closing Trial Balance insures that all entries are made properly, at which time if needed such statements as the Balance Sheet and Statement of Owners Equity can be created.
Closing entry need to be?
Closing entries should be journalized and posted. They are entered in the general journal, as well as posted in the general ledger.
The two types of journal entries needed to change general ledger account balances at the end of the fiscal period are?
Adjusting and Closing Entries.
Closing entries are necessary to a business so?
the accounts in the general ledger are updated and ready for the next fiscal period.
What should the post closing trial balance is best prepared from?
The General Ledger provides all the information you need to prepare a Post Closing Trial Balance as well as a Trial Balance, etc. A post closing trial balance is a trial balance that is prepared "before" accounts are closed out for the accounting period, such as expenses, revenues, etc. Adjusting entries are made to the General Ledger from the Journal entries and then a PCTB is prepared using the information obtained in the Ledger.
What happens if the adjusting entries to the general ledger are wrong?
You would reverse the journal entry then record the correct entry.
The accounting process is correctly sequenced as?
Inentify the transaction Analyze the transaction Journal Entries Post to Ledger Trial Balance Adjusting entries Adjusted Trial Balance Financial Statements Closing Entries After-Closing Trial Balance
What type of general ledger entry is created for the automatic posting recurring monthly entries?
Recurring general ledger entries can be created to post recurring monthly journal entries. Expenses may include rent, telephone, and automobile payments.
When are closing entries journalized and posted?
Many companies vary on when they do closing entries. Closing entries are posted to the journal, then the ledger and then a post closing trial balance is made to determine the Retained Earnings of a business for a certain period of time, many companies do this monthly. However, each company varies on the accounting period they choose to do this in.
The process of posting adjusting and closing entries in the ledger at the end of an accounting period is called?
Adjusted trail balance
What are the 9 steps of accounting cycle?
# Collecting and analyzing data from transactions and events. # Putting transactions into the general journal. # Posting entries to the general ledger. # Preparing an unadjusted trial balance. # Adjusting entries appropriately. # Preparing an adjusted trial balance. # Organizing the accounts into the financial statements. # Closing the books. # Preparing a post-closing trial balance to check the accounts.
