Accounting cycle, closing entries, post-closing trial balance

Related BrainMass Solutions

• Accounting Environment: steps in the accounting cycle

  5 Prepare an adjusted trial balance 6 Prepare financial statements 7 Journalize and post the closing entries 8 Prepare an after-closing trial balance The solution orders the steps in the process of the accounting cycle.

• Steps in the Accounting Cycle Explanation

  The purpose of closing entries is to prepare the accounts for recording transactions and events for the next period. Step nine, and for many companies the last step in the accounting cycle, is to prepare a post-closing trial balance.

• Completion of Accounting Cycle

  Step nine, and for many companies the last step in the accounting cycle, is to prepare a post-closing trial balance.

• Language of business, purpose of GAAP, adjusting entries, closing entries

  With zero balances, these nominal accounts are then ready for the next accounting cycle of the business. 6. What is the purpose of the post-closing trial balance? Explain where the information for the post-closing trial balance comes from.

• Steps in the accounting cycle, adjusted trial balance, ledger and accounts

  ANSWERS The accounting cycles are identify the transaction, analyze the transaction, create journal entries, post entries to ledgers, create trial balance, create adjusting entries, create adjusted trial balance, create financial statements, create closing

• Accounting cycle

  You are also required to post the adjusting and closing entries, using dates. Please see the attachment The solution explains the accounting cycle till the posting of closing entries

• Joe's Financial Statements: Accounting cycle

  Preparing post closing trial balance Finally a post closing trial balance is prepared to again ensure that the debits and credits match.

• Discussion questions about adjusted and after-trial balances

  Ending balance of Retained earning is ascertained and carried to post closing trial balance after recording closing entries of Net income and Dividend payment.

• How the Accounting Cycle is Completed

  to prepare a post-closing trial balance.