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The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
The closing entries in an accounting period are important because they will be used as opening entries in the next period. They help people to calculate the balances and accruals of a predetermined period.
give the revenue and expense accounts zero balance
Adjusted trail balance
The purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled.
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period.
The closing entries in an accounting period are important because they will be used as opening entries in the next period. They help people to calculate the balances and accruals of a predetermined period.
it is a intrest which is calculated for the period starting from closing of accounting period to the date of maturity of the bill of exchange issued during accounting period. it is reversal entry
closing entries
closing entries
closing entries
give the revenue and expense accounts zero balance
Adjusted trail balance
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 purpose of the closing entry is to bring the temporary journal account balances to zero for the next accounting period, which aids in keeping the accounts reconciled.