US Generally Accepted Accounting Principles do not allow for any general reserve in the balance sheet. Reserves are recorded only for specific assets that may have declined in value, such as accounts receivable or inventory.
Post balance sheet items are those items which arise after closing date of balance sheet that's why called post balance sheet items.
ommision errors,and post wrong entry
Mortgage payable is liability so it is part of balance sheet and not part of income statement.
Supplies are not listed on the Income Statement (ever). Supplies whether general or what are listed on the Balance Sheet, Trial Balance, etc as Assets. The only time you should ever see the term "supplies" on an Income Statement is in the form of Supplies Expense, which is the cost of Supplies used up during the normal operating of a business.
as liabilities
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.
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.
In trial balance after each entry is made the next step is to determine if the trial balance is still in balance. In a manual system the post closing trial balance also gives what the balance sheet will be at the beginning of the new period.
The normal balance of Unearned Rent is typically a liability credit entry. The balance will show up in the post-closing trial of the balance sheet.
Since it is the balance sheet, which is generally prepared at the "end" of a financial period, it would be your closing inventory that goes onto the balance sheet. Once you have made all your adjusting entries and closing of accounts you prepare a Post Closing Trial Balance to check that all accounts remained balance. Since it is the "end" of the year and you are "closing" your books for the Fiscal Year, all adjusting entries are made, this includes taking inventory to get your closing inventory which goes onto your Post Closing Trial Balance and on your Balance Sheet.