0
A post-closing trial balance will contain, assets, liabilities and owners equity accounts.
Assets include, current and long term assets
liabilities include, accounts payable, notes payable or any other "liability" the company currently has.
Owners Equity accounts include such things as Retained Earnings and Capital
You 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.
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What trial balance will consist of the greatest number of accounts?
all of the trial balance will contain the same number of accounts
What is the trial balance of a company?
The trial balance of a company is a list of all the accounts (income, expense and balance sheet) with their current balances. A trial balance should always total zero
Is the cash balance on the unadjusted trial balance the amount that should normally be reported on the balance sheet?
no
What does a post-closing trial balance contain?
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.
Does the worksheet contain a trial balance?
Yes, a typical worksheet will contain trial balances. In fact, worksheets often have two trial balances:A trial balance, which has all your accounts with unadjusted figures, straight from their balances.You would then go through and adjust some accounts, such as prepaid (prepaid advertising, prepaid insurance), payables (superannuation payable, wages payable), bad debts expense...An adjusted trial balance, which you would use after you have gone through your ledger accounts and made any adjustments (end of the month processes, like balance day adjustments..The headings in the Worksheet will often include:Acct. No. | Account | Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet |Happy accounting!
What trial balance will consist of the greatest number of accounts?
all of the trial balance will contain the same number of accounts
What is the trial balance of a company?
The trial balance of a company is a list of all the accounts (income, expense and balance sheet) with their current balances. A trial balance should always total zero
Is the cash balance on the unadjusted trial balance the amount that should normally be reported on the balance sheet?
no
What does a post-closing trial balance contain?
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.
Does the worksheet contain a trial balance?
Yes, a typical worksheet will contain trial balances. In fact, worksheets often have two trial balances:A trial balance, which has all your accounts with unadjusted figures, straight from their balances.You would then go through and adjust some accounts, such as prepaid (prepaid advertising, prepaid insurance), payables (superannuation payable, wages payable), bad debts expense...An adjusted trial balance, which you would use after you have gone through your ledger accounts and made any adjustments (end of the month processes, like balance day adjustments..The headings in the Worksheet will often include:Acct. No. | Account | Trial Balance | Adjustments | Adjusted Trial Balance | Income Statement | Balance Sheet |Happy accounting!
Importance of trial balance?
importance of trial balance importance of trial balance
What is the difference between trial balance of totals and trial balance of balances?
firstily trial balance of total is the total balance of trial balance being show at the end of a year. trial balance of balance it is the balances being show doing the calcution of the trial balance.
Is balance of provision for depreciation account is shown on the trial balance as debit?
no, provision of depreciation iscredit in nature. And thus it should be shown at the credit side at trial balance.
What is the difference of trial balance of balances and trial balance of totals?
trial balance of balances is the trial balance with two columns while trial balance of totals is the one with four columns
What does a post closing trial balance contain?
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.
It is true that the trial balance totals should agree?
yes
Which account balance will change between the adjusted trial balance and the post closing trial balance?
The adjusted trial balance includes depreciation and other adjustments. This is the account balance that changes between the adjusted trial balance and the post closing trial balance.
