Prepare closing entries(Narration not required) and  calculate retained earnings and explain how Post closing trial balance from adjusted Trial balance.

Q: An adjusted trial balance should be prepared immediately: Multiple Choice after posting normal…

A: Adjusted trial balance reflects the year ending adjustments made due to prepaid and deferral…

Q: Identify which of the following accounts would be included in a post-closing trial balance. Goodwill

A: Post-closing trial balance: Post-closing trial balance is a summary of all the asset, liability, and…

Q: How to post adjusting entries onto the general ledger

A: Adjusting entries are recorded at the end of the year to show correct amount of revenue and expenses…

Q: t closing entries are and why they are necessary.

A:

Q: What is used in preparing trial balance? a. Ledger Accounts. b. General Journal. c. Specialized…

A: Trial balance is something which is usually prepared to verify if the debits in the books are equal…

Q: Use EMBG's adjusted trial balance to prepare entries to close EMBG's temporary accounts (using…

A: Lets understand the basics.There are two type of accounts are there in trial balance which are…

Q: Identify which of the following accounts would be included in a post-closing trial balance. Accounts…

A: Post-closing trial balance: Post-closing trail balances are showing balance after closing entries…

Q: Of the following steps of the accounting cycle, which step should be completed last? a.Transactions…

A: Steps in the accounting cycle: Accounting cycle is the series of steps of accounting process which…

Q: if a trial balance or income state, etc... is post-closing, unadjusted, or adjusted?

A: Trail balance is prepared by the company with an aim to know and verify that the posting entries…

Q: Journalize the closing entries. Indicate closed accounts by inserting a line in both the balance…

A: Journal entry: The first step in accounting is a journal entry, which is used to record a business…

Q: What are the entries to? Journalize and Post the Closing Entries Prepare the Post Closing Trial…

A: Closing entries are the journal entries which are made at the end to close the temporary accounts…

Q: How are adjusting entries completed? Is there a short-hand way to remember or a technique? What…

A: Adjusting entries are the journal entries passed at the end of the financial year to close all the…

Q: What types of accounts are listed on the post-closing trial balance?

A: Post-Closing Trial Balance: After passing all the journal entries and the closing entries of the…

Q: What accounts go on the closing journal? Can someone provide an example for a visual?

A: At the conclusion of an accounting cycle, closing entries are performed to move amounts from a…

Q: The complete accounting process that begins with analyzing and journalizing transactions and ends…

A: The eight steps of the accounting cycle are as follows: identifying transactions, recording…

Q: Explain the processes that take place before the Trial Balance is prepared.  Describe the elements…

A: Trial Balance: It is a worksheet in bookkeeping process in which all general ledger accounts are…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.