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The following selected accounts (amounts in thousands of dollars) appear in the financial statements of The Jean Coutu Group (PJC) Inc.: Accounts payable $181,060 Accounts receivable 132.305 Amortization expense 40,455 Capital assets 185.028 Cash 5.861 Interest on long-term debt expense 12,143 Long-term debt 162.579 Other revenues 170,478 Prepaid expenses 3,414 Sale 2,118,892 Identify the accounts that would be included in a post-closing trial balance

The following selected accounts (amounts in thousands of dollars) appear in the financial statements of The Jean Coutu Group (PJC) Inc.: Accounts payable $181,060 Accounts receivable 132.305 Amortization expense 40,455 Capital assets 185.028 Cash 5.861 Interest on long-term debt expense 12,143 Long-term debt 162.579 Other revenues 170,478 Prepaid expenses 3,414 Sale 2,118,892 Identify the accounts that would be included in a post-closing trial balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following selected accounts (amounts in thousands of dollars) appear in the financial statements of The Jean Coutu Group (PJC) Inc.: Accounts payable $181,060 Accounts receivable 132.305 Amortization expense 40,455 Capital assets 185.028 Cash 5.861 Interest on long-term debt expense 12,143 Long-term debt 162.579 Other revenues 170,478 Prepaid expenses 3,414 Sale 2,118,892 Identify the accounts that would be included in a post-closing trial balance
Transcribed Image Text:The following selected accounts (amounts in thousands of dollars) appear in the financial statements of The Jean Coutu Group (PJC) Inc.: Accounts payable $181,060 Accounts receivable 132.305 Amortization expense 40,455 Capital assets 185.028 Cash 5.861 Interest on long-term debt expense 12,143 Long-term debt 162.579 Other revenues 170,478 Prepaid expenses 3,414 Sale 2,118,892 Identify the accounts that would be included in a post-closing trial balance
Expert Solution
Introduction:

Trial balance recorded all the accounts with their debit and credit balances.

Post closing trial balance records all those accounts which are recorded in the Balance sheet. No income statement accounts are reported in the post closing balance sheet. All the Income statement accounts are closed using the closing entries and the resulted figure is recorded in the retained earnings accounts.

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