The purpose of the post-closing trialbalance is to *O prove that no mistakes were made.prove the equality of the balance sheetaccount balances that are carried forwardinto the next accounting period.prove the equality of the income statementaccount balances that are carried forwardinto the next accounting period.list all the balance sheet accounts inalphabetical order for easy reference.

A post closing trial balance is the trial balance that contains a company's closing entries for an…

Answered: The purpose of the post-closing trial…

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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Studypug.com Recliner Company wants to verify that all of its accounts are in balance. Which of the following will be prepared for this purpose? a.Balance sheet b.General ledger c.Trial balance d.Chart of accounts
Please help with the following question COMPLETION STATEMENTS 1.Notes and accounts receivable that result from sales transactions are often called______________ receivables. 2.Two accounting problems associated with accounts receivable are (1) ______________ and (2) ______________ accounts receivable. 3.The net amount expected to be collected in cash from receivables is the _____________. 4.When credit sales are made, _________________ Expense is considered a normal and necessary risk of doing business on a credit basis. 5.The two methods used in accounting for uncollectible accounts are the ____________ method and the ______________ method. 6.Allowance for Doubtful Accounts is a_____________ account which is ______________ from Accounts Receivable on the balance sheet. 7.When the allowance method is used to account for uncollectible accounts, ____________ is debited when an account is determined to be uncollectible. 8.The _________________ basis of…
Complete the statement: closing entries ________ A. Reflect the net income for the accounting period B. Are also posted in the subsidiary ledgers C. Involve all ledger accounts D. Are recorded in the special journals The process wherein transactions are recorded in the journal are transferred to the appropriate accounts in the general ledger and subsildiary ledgers, if appropriate, is called ___________ A. Ledgering B. Analyzing C. Posting D. Journalizing
show calculations where needed
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the account(s) affected by the error. In column (4), indicate the amount by which the account(s) in column (3) is under- or overstated. Item (a) is completed as an example. Note: Select "None" if there is no effect. (1) Difference between Description of Posting Error Debit and Credit Columns Larger Total (2) Column with the (3) Identify Account(s) Incorrectly Stated (4) Amount of account over- or understatement a. $1,720 debit to Rent Expense is posted as a $1,270 debit. $ 450 Credit Rent Expense Rent Expense is understated by $450 b. $3,440 credit to Cash is posted twice as two credits to Cash. c. $1,570 debit to Prepaid Insurance is posted as a debit to Insurance Expense.…
When using the Spreadsheet (work sheet) method to analyze noncash accounts, it is best to start with Group of answer choices cash net income retained earnings revenue
Hi, Can you please help me with problem 5.6? Thank you.
For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.
In a common-size analysis, the auditor compares account balances with a single line item. In a balance sheet, this line item is generally current assets. O total equity. O total liabilities. O total assets.
Randomly listed below are the steps for preparing a trial balance: (1) Verify that the total of the Debit column equals the total of the Credit column. (2) List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance. (3) List the name of the company, the title of the trial balance, and the date the trial balance is prepared. (4) Total the Debit and Credit columns of the trial balance. a.(2), (3), (4), (1) b.(4), (3), (2), (1) c.(3), (2), (4), (1) d.(3), (2), (1), (4)
Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No 2. Freight-Out Liability, Credit, Balance Sheet, No V Loss on Impairment of Intangible Assets 3. Expense, Debit, Income Statement, Yes 4. Gain on Acquisition of Business (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes Federal Income Tax Withheld 8. (Revenue or Gain), Debit, Income Statement, Yes…
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