ommision errors,and post wrong entry
Post balance sheet items are those items which arise after closing date of balance sheet that's why called post balance sheet items.
If your double-entry records are correct, a balance sheet will always balance (by definition).ASSETS = LIABILITIES + EQUITYIf it does not balance, check all your entries, since the last balance sheet that did balance. You will find one or more errors to correct. Find and correct all of the errors until the balance sheet balances.
Mortgage payable is liability so it is part of balance sheet and not part of income statement.
entering an expense amount in the balance sheet and statement of owner's equity debit column.
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.
it is always balance because it depicts the basic accounting equation it means all transactions recorded correctly if balance sheet don't balance it means some transactions missing or there are some errors.
it is always balance because it depicts the basic accounting equation it means all transactions recorded correctly if balance sheet don't balance it means some transactions missing or there are some errors.
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.