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Post closing
Salaries expense: As per accrual system of accounting, salaries expenses are the expenses recorded against the salaries owed or paid to the employees in the current accounting period.
Land: It is a fixed asset of the company. Unlike other fixed assets, value of land does not decrease with the passage of time.
Income tax expense: Income tax expense is the amount of tax on the income earned by assesses. It is the responsibility of assesses to pay his due taxes to the government within the given time limit.
Salaries payable: Salaries payable is the amount earned by the employees but have not been credited to them. It is the amount due to be paid to the employees in the subsequent time period.
To identify: The accounts which would be included in post-closing trial balance:
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Chapter 3 Solutions
FINANCIAL ACCT.FUND.(LOOSELEAF)
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